Canadian Imperial Bank of Commerce (NYSE:CM) Announces Earnings Results, Beats Estimates By $0.16 EPS

Key Points

• CIBC reported quarterly EPS of $1.96, exceeding analysts’ consensus estimate of $1.80 by $0.16. The bank posted a 16.31% return on equity and a 15.84% net margin.
• CIBC shares opened at $118.09 and were down 0.2%, with the stock trading between a 52-week range of $73.50 and $124.86. Institutional investors and hedge funds own approximately 49.88% of the company.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $167.00; Royal Bank of Canada recently raised its target to $167.00 and maintained an “outperform” rating.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM issued its quarterly earnings data on Thursday. The bank reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.16, Zacks reports. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.

Canadian Imperial Bank of Commerce Trading Down 0.2%

Canadian Imperial Bank of Commerce stock opened at $118.09 on Thursday. Canadian Imperial Bank of Commerce has a 1 year low of $73.50 and a 1 year high of $124.86. The firm's 50-day moving average is $117.34 and its 200-day moving average is $108.84. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $107.80 billion, a P/E ratio of 16.22, a PEG ratio of 1.23 and a beta of 1.01.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp raised its holdings in Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after purchasing an additional 4,419,968 shares in the last quarter. FIL Ltd boosted its stake in Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Canadian Imperial Bank of Commerce by 24.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank's stock valued at $808,281,000 after purchasing an additional 1,720,220 shares in the last quarter. Morgan Stanley increased its position in shares of Canadian Imperial Bank of Commerce by 39.5% during the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank's stock valued at $452,030,000 after purchasing an additional 1,412,363 shares during the period. Finally, BCV Asset Management Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $76,784,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CM. Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Royal Bank Of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an "outperform" rating in a report on Monday, June 1st. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, July 31st. Finally, TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $167.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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