Zacks: Analysts Expect Canadian Imperial Bank of Commerce (CM) Will Announce Quarterly Sales of $3.40 Billion

Wall Street analysts expect Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) to announce $3.40 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have made 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 posted sales of $3.11 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 9.3%. The firm is expected to issue its next earnings results 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 financial year, with estimates ranging from $13.65 billion to $13.92 billion. For the next year, analysts forecast that the business will report 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 an average based on a survey of sell-side analysts that that provide coverage for Canadian Imperial Bank of Commerce.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data 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. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.38 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.55% and a net margin of 21.28%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same period last year, the company posted $2.64 EPS.

CM has been the subject of a number of research analyst reports. Zacks Investment Research lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Wednesday, April 25th. ValuEngine lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Citigroup upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Wednesday, June 6th. Royal Bank of Canada cut their price objective on 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. Finally, CIBC upgraded Canadian Imperial Bank of Commerce to a “buy” rating and increased their price objective for the stock from $125.00 to $130.00 in a report on Wednesday, June 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $118.78.

Shares of CM traded up $0.48 during mid-day trading on Friday, reaching $91.01. The company’s stock had a trading volume of 26,239 shares, compared to its average volume of 241,502. The firm has a market capitalization of $40.13 billion, a P/E ratio of 10.24, a PEG ratio of 1.62 and a beta of 1.15. Canadian Imperial Bank of Commerce has a 1 year low of $83.02 and a 1 year high of $100.01. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.15.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 27th. Investors 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 4.55%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 46.23%.

Institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in Canadian Imperial Bank of Commerce by 19.1% during the first quarter. The Manufacturers Life Insurance Company now owns 4,764,698 shares of the bank’s stock worth $420,628,000 after buying an additional 762,791 shares during the last quarter. LPL Financial LLC increased its position in Canadian Imperial Bank of Commerce by 72.1% during the fourth quarter. LPL Financial LLC now owns 23,890 shares of the bank’s stock worth $2,327,000 after buying an additional 10,012 shares during the last quarter. ING Groep NV increased its position in Canadian Imperial Bank of Commerce by 26.2% during the first quarter. ING Groep NV now owns 131,093 shares of the bank’s stock worth $11,573,000 after buying an additional 27,176 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Canadian Imperial Bank of Commerce by 97.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 8,493 shares of the bank’s stock worth $827,000 after buying an additional 4,183 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Canadian Imperial Bank of Commerce by 2.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 69,646 shares of the bank’s stock worth $5,415,000 after buying an additional 1,400 shares during the last quarter. 45.47% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

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.

See Also: Should I follow buy, hold and sell recommendations?

Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply