Wall Street analysts expect that Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) will report sales of $2.95 billion for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Canadian Imperial Bank of Commerce’s earnings, with estimates ranging from $2.94 billion to $2.97 billion. Canadian Imperial Bank of Commerce posted sales of $3.19 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 7.5%. The business is scheduled to announce its next quarterly earnings results on Thursday, August 24th.

According to Zacks, analysts expect that Canadian Imperial Bank of Commerce will report full-year sales of $2.95 billion for the current fiscal year, with estimates ranging from $11.74 billion to $12.17 billion. For the next fiscal year, analysts expect that the company will report sales of $12.6 billion per share, with estimates ranging from $12.33 billion to $12.86 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Canadian Imperial Bank of Commerce.

Canadian Imperial Bank of Commerce (NYSE:CM) last posted its quarterly earnings results on Thursday, February 23rd. The bank reported $2.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.25. The business had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $2.92 billion. Canadian Imperial Bank of Commerce had a return on equity of 19.11% and a net margin of 22.84%. During the same quarter in the previous year, the business earned $2.55 EPS.

A number of research firms have recently commented on CM. Zacks Investment Research cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Friday. National Bank Financial reiterated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. Credit Suisse Group AG upgraded Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research report on Friday, March 31st. Finally, Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from an “underperform” rating to a “mkt perform” rating in a research report on Friday, February 24th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $101.44.

Several institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in Canadian Imperial Bank of Commerce by 124.4% in the third quarter. Jane Street Group LLC now owns 37,943 shares of the bank’s stock worth $2,942,000 after buying an additional 21,036 shares in the last quarter. Panagora Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 120.0% in the third quarter. Panagora Asset Management Inc. now owns 217,214 shares of the bank’s stock worth $16,841,000 after buying an additional 118,493 shares in the last quarter. Ontario Teachers Pension Plan Board raised its position in Canadian Imperial Bank of Commerce by 6.5% in the third quarter. Ontario Teachers Pension Plan Board now owns 35,395 shares of the bank’s stock worth $2,740,000 after buying an additional 2,150 shares in the last quarter. OMERS ADMINISTRATION Corp raised its position in Canadian Imperial Bank of Commerce by 0.5% in the third quarter. OMERS ADMINISTRATION Corp now owns 2,515,870 shares of the bank’s stock worth $194,742,000 after buying an additional 12,670 shares in the last quarter. Finally, HighVista Strategies LLC raised its position in Canadian Imperial Bank of Commerce by 8.9% in the third quarter. HighVista Strategies LLC now owns 19,643 shares of the bank’s stock worth $1,523,000 after buying an additional 1,600 shares in the last quarter. 53.01% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) opened at 78.29 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $72.62 and a 1-year high of $92.22. The stock has a market cap of $31.28 billion, a P/E ratio of 9.06 and a beta of 1.06. The firm’s 50-day moving average price is $81.11 and its 200 day moving average price is $83.60.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Wednesday, June 28th will be issued a dividend of $0.9406 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date of this dividend is Monday, June 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 45.28%.

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Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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