Canadian Imperial Bank of Commerce (CM) Expected to Post Quarterly Sales of $3.40 Billion

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Wall Street brokerages expect that Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) will report sales of $3.40 billion for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Canadian Imperial Bank of Commerce’s earnings, with the lowest sales estimate coming in at $3.32 billion and the highest estimate coming in at $3.48 billion. Canadian Imperial Bank of Commerce reported sales of $3.11 billion in the same quarter last year, which indicates a positive year over year growth rate of 9.3%. The firm is expected to announce its next quarterly earnings results before the market opens on Thursday, August 23rd.

On average, analysts expect that Canadian Imperial Bank of Commerce will report full year sales of $13.82 billion for the current year, with estimates ranging from $13.65 billion to $13.92 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $14.37 billion per share, with estimates ranging from $14.19 billion to $14.57 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Canadian Imperial Bank of Commerce.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Wednesday, May 23rd. The bank reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.74. Canadian Imperial Bank of Commerce had a return on equity of 17.55% and a net margin of 21.28%. The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.38 billion. During the same period in the prior year, the company earned $2.64 earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis.

Several brokerages have recently issued reports on CM. ValuEngine downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Royal Bank of Canada lowered their price target on shares of Canadian Imperial Bank of Commerce from $141.00 to $135.00 and set a “sector perform” rating for the company in a report on Thursday, May 24th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Wednesday, May 23rd. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $101.00 price target for the company in a report on Wednesday, May 16th. Finally, Citigroup upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Wednesday, June 6th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus price target of $118.78.

Shares of Canadian Imperial Bank of Commerce opened at $90.80 on Monday, MarketBeat reports. The firm has a market cap of $40.62 billion, a PE ratio of 10.21, a P/E/G ratio of 1.63 and a beta of 1.15. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $83.02 and a 52-week high of $100.01.

The business also recently declared a quarterly dividend, which was paid on Friday, July 27th. Stockholders of record on Thursday, June 28th were issued a dividend of $1.036 per share. The ex-dividend date of this dividend was Wednesday, June 27th. This represents a $4.14 annualized dividend and a dividend yield of 4.56%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 46.23%.

A number of hedge funds and other institutional investors have recently bought and sold shares of CM. Toronto Dominion Bank increased its holdings in Canadian Imperial Bank of Commerce by 34.7% in the second quarter. Toronto Dominion Bank now owns 11,741,312 shares of the bank’s stock valued at $1,024,111,000 after purchasing an additional 3,025,599 shares during the period. OMERS ADMINISTRATION Corp increased its holdings in Canadian Imperial Bank of Commerce by 33.9% in the second quarter. OMERS ADMINISTRATION Corp now owns 5,120,519 shares of the bank’s stock valued at $445,158,000 after purchasing an additional 1,296,629 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Canadian Imperial Bank of Commerce by 19.1% in the first quarter. The Manufacturers Life Insurance Company now owns 4,764,698 shares of the bank’s stock valued at $420,628,000 after purchasing an additional 762,791 shares during the period. Letko Brosseau & Associates Inc. increased its holdings in Canadian Imperial Bank of Commerce by 123.9% in the second quarter. Letko Brosseau & Associates Inc. now owns 954,335 shares of the bank’s stock valued at $82,966,000 after purchasing an additional 528,089 shares during the period. Finally, Unigestion Holding SA acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at $36,970,000. Institutional investors and hedge funds own 44.32% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to individual, small business, commercial, corporate, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Earnings History and Estimates for Canadian Imperial Bank of Commerce (NYSE:CM)

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