Canadian Imperial Bank (NYSE:CM) Stock, Quote.Headers.trade-ideas

Canadian Imperial Bank

Canadian Imperial Bank of Commerce is Canada's fifth-largest bank and operates three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.

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Build-A-Bear Workshop Posts Upbeat Earnings, Joins Affirm, Nutanix, Cooper Companies, Veeva Systems And Other Big Stocks Moving Higher On Thursday

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Shares of Bank of Montreal (NYSE: BMO) declined 6.2% on the NYSE in response to weak third-quarter fiscal 2024 (ended July 31) results. Adjusted earnings per share of C$2.64 declined 10.2% year over year.

Bank of Montreal Stock Tanks 6.2% as High Provisions Hurt Q3 Earnings

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Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor&#39;s dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Why Canadian Imperial Bank is a Great Dividend Stock Right Now

Canadian Imperial Bank of Commerce Common Stock

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RBC Capital analyst Darko Mihelic maintains Canadian Imperial Bank (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CM#TSX">CM</a>) with a Sector Perform and raises the price target from C$69 to C$74.

Price Target

TSX:CM

RBC Capital Maintains Sector Perform on Canadian Imperial Bank, Raises Price Target to C$74

BMO Capital analyst Sohrab Movahedi maintains Canadian Imperial Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CM#NYSE">CM</a>) with a Outperform and raises the price target from $77 to $81.

BMO Capital Maintains Outperform on Canadian Imperial Bank, Raises Price Target to $81

U.S. stocks were higher, with the Dow Jones index gaining around 400 points on Thursday.
Shares of Build-A-Bear Workshop, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBW#NYSE">BBW</a>) rose sharply during Thursday&#8217;s session following better-than-expected <a href="https://www.benzinga.com/news/earnings/24/08/40624005/build-a-bear-workshops-q2-earnings-beat-sees-strong-improvement-in-q3-ytd-web-demand">second-quarter financial results.</a>
Build-A-Bear reported second-quarter revenue growth of 2.4% Y/Y to $111.8 million, beating the analyst consensus of $108.5 million. EPS of 64 cents (+12.3% Y/Y), beating the Wall Street view of 57 cents.
Build-A-Bear shares jumped 19.7% to $33.37 on Thursday.
Here are some other big stocks recording gains in today's session.
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<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) shares jumped 33.2% to $42.06 following strong fourth-quarter earnings and upbeat first-quarter guidance.</li>
<li>Eos Energy Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EOSE#NASDAQ">EOSE</a>) gained 22.2% to $2.6750 after the company announced it achieved first performance milestones related to Carberus Capital Management&#8217;s investment, allowing the company to draw an additional $30 million from the delayed draw term loan.</li>
<li>Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) gained 20.9% to $63.22 after the company reported better-than-expected fourth-quarter financial results and issued FY25 revenue guidance above estimates.</li>
<li>Eliem Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELYM#NASDAQ">ELYM</a>) jumped 20.1% to $7.45.</li>
<li>Iris Energy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>) gained 19.6% to $8.89 after the company announced a year-over-year increase in FY24 Bitcoin mining revenue.</li>
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<li>Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) gained 14.5% to $100.49 after the company reported better-than-expected quarterly financial results raised its FY25 earnings guidance.</li>
<li>iRhythm Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRTC#NASDAQ">IRTC</a>) rose 13.2% to $77.59. iRhythm Technologies expanded global reach with the launch of Zio&#xAE; Cardiac Arrhythmia Monitoring Service in Austria, the Netherlands, Switzerland, and Spain.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) gained 12% to $48.75.</li>
<li>The Cooper Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COO#NYSE">COO</a>) rose 11.1% to $105.00 after the company reported better-than-expected third-quarter financial results and issued FY25 guidance above estimates. Also, Baird and Wells Fargo raised their respective price targets on the stock.</li>
<li>Kanzhun Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BZ#NASDAQ">BZ</a>) gained 10.1% to $12.06 after the company announced it authorized an additional repurchase of $150 million of its shares in conjunction with its existing $200 million buyback.</li>
<li>Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) climbed 8.8% to $216.85 after the company reported better-than-expected second-quarter financial results and issued FY25 adjusted EPS guidance above estimates.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) rose 8.5% to $21.62. The company issued a notice to terminate its $250 million credit facility.</li>
<li>Stevanato Group S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STVN#NYSE">STVN</a>) gained 8.3% to $21.94.</li>
<li>Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) rose 6.5% to $18.97 after B of A maintained a Buy rating on the stock and raised its price target from $30 to $31.</li>
<li>Canadian Imperial Bank of Commerce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CM#NYSE">CM</a>) gained 6% to $57.81 after the company reported better-than-expected quarterly financial results.</li>
<li>West Pharmaceutical Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>) rose 6% to $315.43.</li>
<li>Nokia Oyj (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) gained 5.8% to $4.4350 following a report suggesting that Samsung has an interest in the company&#8217;s mobile networks assets.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) gained 5.7% to $3.9127.</li>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) gained 5.6% to $132.39.</li>
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Canadian Imperial Bank of Commerce shares are trading higher after the company reported better-than-expected Q3 financial results.

UPDATE: Canadian Imperial Bank Q3 Adj. EPS $1.41 Beats $1.29 Estimate, Sales $4.83B Beat $4.67B Estimate

Common shares that may be purchased for cancellation represent approximately&nbsp;2.1%&nbsp;of outstanding common shares as at&nbsp;July 31, 2024.

Buybacks

Canadian Imperial Bank Of Commerce Reveals Intention To Purchase For Cancellation Up To 20M Common Shares Under Normal Course Issuer Bid

Shares of Bank of Montreal (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmo#NYSE">BMO</a>) declined 6.2% on the NYSE in response to weak third-quarter fiscal 2024 (ended July 31) results. Adjusted earnings per share of C$2.64 declined 10.2% year over year.
A significant jump in provision for credit losses and lower net interest income (NII) primarily hurt the results. However, an increase in non-interest income, higher loans and deposit balance and lower expenses acted as a tailwind.
After considering non-recurring items, net income was C$1.87 billion ($1.37 billion), which grew 19.2% from the year-ago quarter.
<h2>BMO&#39;s Revenues Rise, Expenses Dip</h2>
Total revenues (on an adjusted basis), net of insurance claims, commissions and changes in policy benefit liabilities (CCPB), were C$8.21 billion ($5.99 billion), up marginally year over year.
NII declined 2% year over year to C$4.81 billion ($3.51 billion). On the other hand, non-interest income came in at C$3.4 billion ($2.48 billion), up 3.4%.
Adjusted non-interest expenses decreased 5% to C$4.7 billion ($3.43 billion).
The adjusted efficiency ratio (net of CCPB) was 57.3%, down from 60.3% as of July 31, 2023.
Provision for credit losses (adjusted) was C$906 million ($515.5 million) in the reported quarter, surging 84.1% from the year-ago quarter.
<h2>Loans &amp; Deposits Rise for Bank of Montreal</h2>
As of July 31, 2024, total assets were C$1.4 trillion ($1 trillion), up 1.9% from the prior quarter end.
Bank of Montreal&#39;s total net loans grew 2.5% sequentially to C$673.2 billion ($486.9 billion). Total deposits increased 3% to C$965.2 billion ($698.1 billion).
<h2>BMO&#39;s Profitability Ratios Decline, Capital Ratios Improve</h2>
Bank of Montreal&#39;s return on common equity (as adjusted) was 10.6% in the fiscal third quarter compared with 12.5% on July 31, 2023. Adjusted return on tangible common equity was 14.2% compared with 17.1% in the year-ago quarter.
As of July 31, 2024, the Common Equity Tier-I ratio was 13%, up from 12.3% a year ago. The Tier-I capital ratio was 14.8% compared with the previous year&#39;s 14%.
<h2>Our Take on BMO</h2>
Bank of Montreal&#39;s focus and efforts align with its organic and business restructuring strategies and are anticipated to support revenues in the upcoming period. However, elevated expenses and an uncertain macroeconomic backdrop are headwinds.
<div class="chart_embed">
<h3>Bank Of Montreal Price, Consensus and EPS Surprise</h3>
<img alt="Bank Of Montreal Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/59/1724849830.png" style="height:265px; width:584px" title="" />
Bank Of Montreal price-consensus-eps-surprise-chart | Bank Of Montreal Quote
Currently, BMO carries a Zacks Rank #4 (Sell).
</div>
<h2>Performance &amp; Earnings Date Other Canadian Banks</h2>
Toronto-Dominion Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/td#NYSE">TD</a>) incurred a loss on a GAAP basis in the third quarter of fiscal 2024 (ended July 31). The quarterly loss was primarily due to provisions for the penalties related to investigations concerning its anti-money laundering practices by the U.S. regulators.
Net loss (GAAP basis) was C$181 million ($132.2 million) against net income of $2.88 billion in the prior-year quarter.
Huge increases in provisions for credit losses and higher expenses acted as undermining factors. On the other hand, growth in NII and non-interest income and higher loan balance offered much-needed support to TD&#39;s quarterly performance.
Canadian Imperial Bank of Commerce (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cm#NYSE">CM</a>) is slated to announce quarterly numbers on Aug. 29.
Over the past seven days, the Zacks Consensus Estimate for CM&#39;s quarterly earnings has been revised marginally lower.
<a href="https://www.zacks.com/stock/news/2328317/bank-of-montreal-stock-tanks-6-2-as-high-provisions-hurt-q3-earnings?cid=CS-BENZ-FT-analyst_blog|earnings_article-2328317">To read this article on Zacks.com click here.</a>

CIBC Announces Strategic Collaboration With Creative Destruction Lab To Empower Companies Through AI Innovation

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Shares of banking companies are trading lower amid overall market weakness on US economic concerns.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor&#39;s dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.
Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company&#39;s earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Canadian Imperial Bank in Focus
Based in Toronto, Canadian Imperial Bank (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cm#NYSE">CM</a>) is in the Finance sector, and so far this year, shares have seen a price change of 5.73%. Currently paying a dividend of $0.66 per share, the company has a dividend yield of 5.18%. In comparison, the Banks - Foreign industry&#39;s yield is 4.42%, while the S&amp;P 500&#39;s yield is 1.59%.
Taking a look at the company&#39;s dividend growth, its current annualized dividend of $2.64 is up 3.9% from last year. In the past five-year period, Canadian Imperial Bank has increased its dividend 4 times on a year-over-year basis for an average annual increase of 5.40%. Future dividend growth will depend on earnings growth as well as payout ratio, which is the proportion of a company&#39;s annual earnings per share that it pays out as a dividend. Right now, Canadian Imperial Bank&#39;s payout ratio is 54%, which means it paid out 54% of its trailing 12-month EPS as dividend.
Looking at this fiscal year, CM expects solid earnings growth. The Zacks Consensus Estimate for 2024 is $5.05 per share, with earnings expected to increase 1.41% from the year ago period.
Bottom Line
Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. But, not every company offers a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. That said, they can take comfort from the fact that CM is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).
<a href="https://www.zacks.com/stock/news/2312165/why-canadian-imperial-bank-cm-is-a-great-dividend-stock-right-now?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_5-2312165">To read this article on Zacks.com click here.</a>

Canadian Imperial Bank Of Commerce Says CIBC Asset Management Inc. Announces Expansion Of The CIBC Investment Grade Bond Funds Lineup

CIBC today announced a split (the &quot;CDR Split&quot;) of its Nvidia Canadian Depositary Receipts (CAD Hedged) (&quot;Nvidia CDRs&quot;), as indicated in the table below.
<table border="0" cellpadding="1" cellspacing="0">
<tbody>
<tr>
<td colspan="1" rowspan="1">
Cboe Canada
			Ticker Symbol
</td>
<td colspan="1" rowspan="1">
CDR Series
</td>
<td colspan="1" rowspan="1">
Closing Price
(July 2, 2024)
</td>
<td colspan="1" rowspan="1">
Forward Split
			Ratio
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
NVDA
</td>
<td colspan="1" rowspan="1">
Nvidia Canadian Depositary Receipts (CAD Hedged)
</td>
<td colspan="1" rowspan="1">
$115.70
</td>
<td colspan="1" rowspan="1">
4-for-1
</td>
</tr>
</tbody>
</table>
The CDR Split will take effect by way of a subdivision of all Nvidia CDRs that are outstanding after the close of trading on&nbsp;July 9, 2024, each outstanding Nvidia CDR automatically being split into the number of post-split Nvidia CDRs as indicated in the table above.
The Nvidia CDRs will begin trading on a split-adjusted basis on&nbsp;July 10, 2024.
CIBC confirms that the product of the CDR Ratio for the Nvidia CDRs and the number of Nvidia CDRs outstanding will be unchanged by the CDR Split. Accordingly, the CDR Split is not expected to have any economic impact on the value of investors&#39; Nvidia CDR positions.
CIBC has obtained an opinion from Torys LLP that the CDR Split would not have any material adverse consequences under Canadian federal income tax laws to holders of Nvidia CDRs resident in&nbsp;Canada.
Previously, the Nvidia CDRs were subject to a ratio adjustment event effective&nbsp;June 10, 2024&nbsp;related to the ten-for-one split of the common stock of Nvidia Corporation, as outlined in the Final Announcement of Ratio Adjustment for Ten-to-One Stock Split, found&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4204944-1&amp;h=71959773&amp;u=https%3A%2F%2Fcdr.cibc.com%2F%23%2FcorporateActions&amp;a=here" target="_blank">here</a>.

Stock Split

NVDA

Reported Earlier, CIBC Announces 4-for-1 Split of Nvidia Canadian Depositary Receipts Starting July 10, 2024

UBS analyst Jill Shea initiates coverage on Canadian Imperial Bank (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CM#TSX">CM</a>) with a Neutral rating and announces Price Target of C$70.

Initiation

UBS Initiates Coverage On Canadian Imperial Bank with Neutral Rating, Announces Price Target of C$70

BMO Capital analyst Sohrab Movahedi maintains Canadian Imperial Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CM#NYSE">CM</a>) with a Outperform and raises the price target from $74 to $77.

BMO Capital Maintains Outperform on Canadian Imperial Bank, Raises Price Target to $77

Canadian Imperial Bank shares are trading higher following a Q2 earnings beat.

Credit quality
Provision for credit losses was&nbsp;$514 million, up&nbsp;$76 million&nbsp;from the same quarter last year. Provision for credit losses on performing loans was up mainly due to a lower provision reversal in Canadian Personal and Business Banking, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management. Provision for credit losses on impaired loans was up mainly due to higher provisions in U.S. Commercial Banking and Wealth Management, and Canadian Personal and Business Banking, partially offset by lower provisions in Canadian Commercial Banking and Wealth Management.

CIBC's Q1 Provision For Credit Losses C$514M, Up C$76M From The Same Quarter Last Year

Canadian Imperial Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CM#NYSE">CM</a>) reported quarterly earnings of C$1.75 per share which beat the analyst consensus estimate of C$1.66 by 5.42 percent. This is a 2.94 percent increase over earnings of C$1.70 per share from the same period last year. The company reported quarterly sales of C$6.164 billion which beat the analyst consensus estimate of C$6.098 billion by 1.07 percent. This is a 8.06 percent increase over sales of C$5.704 billion the same period last year.

Earnings Beats

Canadian Imperial Bank Q2 2024 Adj EPS C$1.75 Beats C$1.66 Estimate, Sales C$6.164B Beat C$6.098B Estimate

Barclays analyst Brian Morton initiates coverage on Canadian Imperial Bank (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CM#TSX">CM</a>) with a Underweight rating and announces Price Target of C$70.

Barclays Initiates Coverage On Canadian Imperial Bank with Underweight Rating, Announces Price Target of C$70

Canadian Imperial Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CM#NYSE">CM</a>) reported quarterly adj earnings of $1.33 per share which beat the analyst consensus estimate of $1.23 by 8.13 percent. This is a 6.99 percent decrease over earnings of $1.43 per share from the same period last year. The company reported quarterly sales of $4.57 billion which beat the analyst consensus estimate of $4.49 billion by 1.78 percent. This is a 4.36 percent increase over sales of $4.38 billion the same period last year.

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Canadian Imperial Bank

Canadian Imperial Bank (CM) Forecast

Canadian Imperial Bank (NYSE:CM) Stock, Quote.Headers.trade-ideas