CM-PY.TO - Canadian Imperial Bank of Commerce

Toronto - Toronto Delayed Price. Currency in CAD
20.73
+0.23 (+1.12%)
At close: 3:56PM EDT
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Previous Close20.50
Open20.50
Bid20.60 x N/A
Ask20.75 x N/A
Day's Range20.50 - 20.75
52 Week Range20.50 - 20.75
Volume4,800
Avg. VolumeN/A
Market Cap39.428B
Beta (5Y Monthly)0.94
PE Ratio (TTM)1.85
EPS (TTM)11.22
Earnings DateN/A
Forward Dividend & Yield1.29 (6.23%)
Ex-Dividend DateMar. 26, 2020
1y Target EstN/A
  • Canadian Imperial Bank (CM) Misses Q2 Earnings and Revenue Estimates
    Zacks

    Canadian Imperial Bank (CM) Misses Q2 Earnings and Revenue Estimates

    Canadian Imperial Bank (CM) delivered earnings and revenue surprises of -41.88% and -0.18%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?

  • Bloomberg

    CIBC’s Soured-Loan Provisions Surge to a Record $1.03 Billion

    (Bloomberg) -- Canadian Imperial Bank of Commerce set aside more than five times than the amount it did a year earlier to prepare for the deteriorating financial health of households and businesses from the coronavirus pandemic and a plunge in oil prices.Canada’s banks are building reserves to prepare for pain resulting from pandemic-related shutdowns, and CIBC is no different. The Toronto-based lender had a record C$1.41 billion ($1.03 billion) in provisions for credit losses in the fiscal second quarter. Earnings missed analysts’ estimates.Key InsightsCanadian personal and small-business banking is under the new leadership of Laura Dottori-Attanasio, the one-time chief risk officer who took over CIBC’s biggest division just as the Covid-19 crisis began disrupting the economy. The domestic division earned C$203 million in the quarter, down 64% from a year earlier.Canada’s fifth-largest lender by assets has been pushing to get more earnings from the U.S. after buying boutique investment bank Cleary Gull Inc. last year and Chicago-based PrivateBancorp in 2017. CIBC earned C$18 million from U.S. commercial banking and wealth management in the quarter, down 89% from a year earlier. That compares with a 37% decrease for Canadian commercial banking and wealth management.Market volatility during the early days of the Covid-19 outbreak gave a boost to traders on both sides of the border, helping earnings in most banks’ capital-markets divisions. That didn’t pan out at CIBC Capital Markets, where earnings fell 52% to C$137 million, with a decline in trading revenue.Market ReactionCIBC shares have fallen 15% this year as of Wednesday’s close, compared with the 16% decline of the eight-company S&P/TSX Commercial Banks Index.Get MoreSecond-quarter net income fell 71% to C$392 million, or 83 cents a share. Adjusted per-share earnings of 94 cents missed the C$1.60 average estimate of 12 analysts in a Bloomberg survey.Read more about CIBC’s quarterly results here.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Is 6.5%-Yielding Canadian Imperial Bank of Commerce (TSX:CM) Stock a Buy?
    The Motley Fool

    Is 6.5%-Yielding Canadian Imperial Bank of Commerce (TSX:CM) Stock a Buy?

    CIBC stock falls as soaring provisions for credit losses hit the bottom line with steep earnings declines.The post Is 6.5%-Yielding Canadian Imperial Bank of Commerce (TSX:CM) Stock a Buy? appeared first on The Motley Fool Canada.

  • The Canadian Press

    Most actively traded companies on the TSX

    TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:Toronto Stock Exchange (15,262.73, down 9.30 points.)Sun Life Financial Inc. (TSX:SLF). Financials. Down 30 cents, or 0.62 per cent, to $48.09 on 24.6 million shares.Suncor Energy Inc. (TSX:SU). Energy. Down 26 cents, or 1.07 per cent, to $24.02 on 15 million shares. Great-West Lifeco Inc. (TSX:GWO). Financials. Up two cents, or 0.09 per cent, to $22.47 on 13.8 million shares.Zenabis Global Inc. (TSX:ZENA). Health care. Up two cents, or 16 per cent, to 14.5 cents on 12.8 million shares.Air Canada (TSX:AC). Industrials. Down 44 cents, or 2.68 per cent, to $16 on 11.5 million shares.Bombardier Inc. (TSX:BBD.B). Transport. Down four cents, or 7.69 per cent, to 48 cents on 11.2 million shares.Companies in the news:Sienna Senior Living Inc. (TSX:SIA). Down 72 cents or 6.8 per cent to $9.84. Shares in a company at the centre of a nursing home scandal in Ontario fell to new depths on the Toronto Stock Exchange. Shares in Sienna Senior Living Inc. plunged by as much as 8.3 per cent on Thursday to $9.68, a near 10-year low that's almost 50 per cent less than their $19.64 close on Feb. 18. The company is the operator of the Altamont Care Community in Scarborough, Ont., named in a Canadian Armed Forces report this week for inadequate care and feeding of residents due to insufficient staff during the COVID-19 pandemic. The virus is blamed for 52 deaths there.BRP Inc. (TSX:DOO). Down $1.84 or 3.6 per cent to $48.87. BRP Inc. posted a $226.1-million loss in its latest quarter and forecasted a rougher ride ahead for sales as the Ski-Doo and Sea-Doo maker navigates the COVID-19 pandemic. First-quarter sales fell in all regions except the United States as the virus prompted dealerships and plants to shut down. The company expects a 40 per cent revenue decline in the second quarter, propped up only by sustained demand among Americans. Chief executive Jose Boisjoli said "staycations and social distancing" will work to the advantage of the power sports vehicle producer. But he acknowledged that the fallout of an ongoing recession could weigh more heavily on sales, with revenue expected to drop between 10 and 20 per cent in the second half of its financial year.Air Canada — Air Canada has increased the size of a financing deal announced earlier this week to roughly $1.4 billion as it works to bolster its coffers to deal with the pandemic. The company says the shares in the offering have been priced at $16.25 apiece. It plans to issue 30.8 million shares to raise about $500.5 million. The airline will also issue US$650 million in convertible senior unsecured notes due in 2025, up from an initial plan for US$400 million. The convertible notes will have an annual interest rate of four per cent and be convertible into Air Canada shares at a price of approximately US$15.35 per share.Canadian Imperial Bank of Commerce (TSX:CM). Down $1.86 or two per cent to $89.94. CIBC took a nearly $1-billion hit to its second-quarter profit as its provisions for credit losses soared due to the pandemic and the plunge in oil prices. The Toronto-based bank said Thursday that it earned $392 million for the quarter ended April 30, down from a profit of $1.35 billion in the same quarter last year. Chief executive Victor Dodig warned analysts on a call that the conditions that created those decreases are unlikely to abate soon, but said the bank has the resources to cope with such troubles. TD Bank Group (TSX:TD). Down $2.41 or 3.8 per cent to $60.29. TD Bank Group reported its provisions for credit losses soared to nearly $3.22 billion in its second quarter as it booked a profit of nearly $1.52 billion. The bank's provisions for credit losses were up from $633 million in the same quarter last year as the COVID-19 pandemic tore through the economy. TD reported Thursday its profit for the quarter ended April 30 totalled 80 cents per diluted share, down from $3.17 billion or $1.70 per diluted share a year ago. On an adjusted basis, the bank says it earned 85 cents per share in its most recent quarter, down from $1.75 in the same quarter last year.This report by The Canadian Press was first published May 28, 2020.The Canadian Press

  • CIBC reports $392-million Q2 profit, down from $1.35 billion a year ago
    The Canadian Press

    CIBC reports $392-million Q2 profit, down from $1.35 billion a year ago

    TORONTO — Canadian Imperial Bank of Commerce took a nearly $1-billion hit to its second-quarter profit as its provisions for credit losses soared due to the pandemic and the plunge in oil prices.The Toronto-based bank said Thursday that it earned $392 million or 83 cents per share for the quarter ended April 30, down from a profit of $1.35 billion or $2.95 per share in the same quarter last year.Analysts on average had expected an adjusted profit of $1.58 per share, according to financial markets data firm Refinitiv.Chief executive Victor Dodig warned analysts on a call that the conditions that created those decreases are unlikely to abate soon, but said the bank has the resources to cope with such troubles. "Economic headwinds are likely to be here for the near term," he said."While there are many unknowns related to the pandemic, its effect on the economy and the path to recovery, what is certain is our strong capital liquidity will allow us to withstand ongoing stress."That stress has so far amounted to the bank earning 94 cents per share on an adjusted basis, a drop from $2.97 per share during period last year.It has also pushed CIBC to put aside $1.41 billion in provisions for credit losses, up from $255 million a year ago, as the assisted more than 500,000 clients in the quarter who were facing financial hardships by granting them payment deferrals and reduced interest rates on credit cards.All of Canada's big banks have announced dramatic increases in their provisions for credit losses due to the pandemic.Barclays analyst John Aiken said in a note to investors that CIBC opted to take significant reserves up front and that should be viewed positively."However, given the lukewarm reception that Royal received when it took a similar strategy, we are not certain that the implications will be immediately rewarded by the market," he said. "However, with solid allowances and a strong capital ratio, the relative outlook for CIBC appears to have improved."The bank meanwhile found that "disruption creates opportunity," Dodig said.CIBC's digital traffic and e-transfers in the quarter jumped by almost 20 per cent, while digital banking sessions and digital transactions grew by 18.1 and 8.8 per cent respectively."We are continuing to invest for the long-term with an eye to our strengths in technology and innovation," Dodig said."We have already fast-tracked some of our investments in technology to support digital engagement as well as working remotely and we will continue to review other areas of our business."This report by The Canadian Press was first published May 28, 2020.Companies in this story: (TSX:CM)Tara Deschamps, The Canadian Press

  • TFSA Investors: How to Earn $410 in Monthly Income and Pay Zero Taxes to the CRA
    The Motley Fool

    TFSA Investors: How to Earn $410 in Monthly Income and Pay Zero Taxes to the CRA

    Here's how you can supplement your income by investing in dividend stocks such as CIBC. The post TFSA Investors: How to Earn $410 in Monthly Income and Pay Zero Taxes to the CRA appeared first on The Motley Fool Canada.

  • Top TSX Financial Stocks for June 2020
    The Motley Fool

    Top TSX Financial Stocks for June 2020

    We asked our writers for their top stock picks from the financial sector. Some of the picks include Toronto-Dominion Bank (TSX:TD)(NYSE:TD), goeasy Ltd (TSX:GSY), and TMX Group Ltd (TSX:X). The post Top TSX Financial Stocks for June 2020 appeared first on The Motley Fool Canada.

  • Buy And Hold This 1 High-Yield Dividend Stock for at Least 10 Years
    The Motley Fool

    Buy And Hold This 1 High-Yield Dividend Stock for at Least 10 Years

    The Canadian Imperial Bank of Commerce could be an excellent buy at its current price as a forever stock.The post Buy And Hold This 1 High-Yield Dividend Stock for at Least 10 Years appeared first on The Motley Fool Canada.

  • Should You Buy CIBC (TSX:CM) Stock for the 7% Dividend Yield?
    The Motley Fool

    Should You Buy CIBC (TSX:CM) Stock for the 7% Dividend Yield?

    CIBC (TSX:CM)(NYSE:CM) now offers a 7% dividend yield. Is the payout safe?The post Should You Buy CIBC (TSX:CM) Stock for the 7% Dividend Yield? appeared first on The Motley Fool Canada.

  • WARNING: Canada’s Housing Bubble Could Burst in 2020
    The Motley Fool

    WARNING: Canada’s Housing Bubble Could Burst in 2020

    CIBC (TSX:CM)(NYSE:CM) may look cheap, but it is a stock that investors should avoid if they're worried of a Canadian housing market crash.The post WARNING: Canada's Housing Bubble Could Burst in 2020 appeared first on The Motley Fool Canada.

  • Inflation Falls Below Zero in Canada for First Time Since 2009
    Bloomberg

    Inflation Falls Below Zero in Canada for First Time Since 2009

    (Bloomberg) -- Canadian inflation went negative for the first time since the 2009 recession after the coronavirus lockdown put the brakes on the world economy.Consumer prices dropped 0.2% in April from the same month a year earlier, Statistics Canada reported Wednesday from Ottawa. That’s down from a 0.9% annual rate in March and 2.2% in February.The report adds inflation to the list of economic indicators showing an historic impact from the coronavirus pandemic. Collapsing gasoline prices have pulled inflation lower over the past two months, but weak demand should keep it at extremely low levels for an extended period. That could even spur worries about deflation and keep pressure off the Bank of Canada to ease up on accommodation efforts any time soon.“With the economy likely still underperforming if and when further restrictions are lifted, there will be an underlying drag on inflation that central bankers will need to offset with additional monetary easing,” Royce Mendes, an economist at Canadian Imperial Bank of Commerce, said in a note to investors.Gasoline prices continued to fall as demand remained low because of limited travel, business closures and a supply glut. In April, gasoline posted a 39.3% drop, marking the biggest year over year decline on record. Excluding gasoline, inflation rose 1.6% from the same period last year.Core inflation readings, which factor out volatile items like energy prices and are often seen as a better measure of underlying price pressure, declined to 1.8%, from 1.83% in the prior month, the lowest since January 2019.Consumers paid less for transportation, traveler accommodation, clothing and education but paid more for food and household cleaning products. Supply chain issues resulted in higher prices for beef and pork. The uptick in prices for household cleaning products and toilet paper is a result of increased demand.From March, prices fell 0.7%, matching the largest one-month drop since 2008. Excluding gasoline, inflation dipped 0.1% on the month.Statistics Canada also said it was unable to gather as much data as usual because in-person collection was suspended and some establishments were temporarily closed.(Updates with details throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    CIBC Innovation Banking Provides Digital Receipt Management Platform, Sensibill Inc., With $5 Million in Growth Capital Financing

    CIBC Innovation Banking is pleased to announce a $5 million growth capital financing with Toronto-based Sensibill Inc. ("Sensibill"), a provider of everyday tools such as digital receipt management and SKU-level data that help institutions better know and serve customers. Backed by Radical Ventures, Information Venture Partners, First Ascent Ventures and Impression Ventures, the company will use the funds to support its plans for strategic growth.

  • COVID-19 Crash: My Top 3 Bank Stocks for the Rest of 2020
    The Motley Fool

    COVID-19 Crash: My Top 3 Bank Stocks for the Rest of 2020

    Bank stocks are reeling due to the COVID-19 pandemic, but National Bank of Canada (TSX:NA) and others are still worth a look ahead of Q2 earnings.The post COVID-19 Crash: My Top 3 Bank Stocks for the Rest of 2020 appeared first on The Motley Fool Canada.

  • 3 Bank Stocks Yielding Well Over 5%
    The Motley Fool

    3 Bank Stocks Yielding Well Over 5%

    Bank stocks have recently plummeted, leaving in their wake an ample supply of generous dividend yields. Here are three top high-yielding ideas.The post 3 Bank Stocks Yielding Well Over 5% appeared first on The Motley Fool Canada.

  • Have $5,000? Here Are 3 Warren Buffett-Type Stocks to Buy Today
    The Motley Fool

    Have $5,000? Here Are 3 Warren Buffett-Type Stocks to Buy Today

    Rogers Communications Inc. (TSX:RCI.B)(NYSE:RCI) and these two other stocks are greats value stocks investors can build their portfolios around.The post Have $5,000? Here Are 3 Warren Buffett-Type Stocks to Buy Today appeared first on The Motley Fool Canada.

  • Bloomberg

    Bank of Canada Says Financial System Strong Despite Shock

    (Bloomberg) -- Canada’s financial system remains resilient even in the face of the Covid-19 pandemic and moves to keep credit markets functioning have been largely effective, though risks remain, according to the Bank of Canada.The country’s largest banks remain well capitalized even in the most pessimistic scenario, though some smaller lenders may struggle, and many businesses, especially in the energy sector, face higher funding costs and potential downgrades, the central bank said Thursday in its annual Financial System Review.Canada entered the crisis with strong banks, the protection of a robust mortgage insurance system and an economy in a solid position, the central bank said. “With these strengths, as well as the aggressive government policy response to the pandemic, the largest banks are in a good position to manage the consequences,” policy makers led by Governor Stephen Poloz said in the 39-page report that nevertheless outlines significant, across-the-board risks to the financial system.Small energy firms, lower-rated companies and some alternative lenders were singled out as potential flash points.It’s the central bank’s first comprehensive statement about the risks to Canada’s financial stability since the economy went into lockdown in mid-March. Since then, policy makers have expanded the bank’s balance sheet by about C$270 billion ($192 billion) in efforts to prevent credit markets from seizing up. Purchases of assets including government bonds, bankers acceptances and commercial paper have been successful and in many cases uptake has declined, the central bank said.Policy ResponseThe bottom line from the central bank is things would have been much worse without the massive monetary and fiscal response. Yet even with that response, the fallout from the economic shutdown will be worse than the 2008-2009 crisis, policy makers said, and the longer the crisis lasts, the worse things could become for households and businesses.“Overall, the Bank of Canada still sees the financial system as resilient. But the longer the economy remains tamped down, or if there are second waves of the virus once restrictions are eased, there could be further strains that require policy makers to take even more aggressive action,” wrote CIBC economist Royce Mendes in a note.Running the more pessimistic scenario from the April 15 Monetary Policy Report, which assumes a second-quarter economic contraction of 30%, the bank finds policy actions combined with payment deferrals limit the rise in mortgage arrears, with the rate of around 0.8% in the second half of 2021. That’s still almost double the peak rate in 2009.Since the Covid-19 shock, higher-risk Canadian firms are finding it difficult to tap U.S. leveraged loan markets, and some alternative lenders have suspended redemptions to cope with liquidity pressures. In addition, other small independent lenders which normally finance small firms “have reported challenging market conditions that, if persistent, could jeopardize the future of their business.”Alternative lenders, such as mortgage investment corporations, have become increasingly important for the provision of credit to households and small businesses, and now account for 1.5% of residential mortgage lending nationally.Households VulnerableThe bank acknowledges that many Canadian households face financial difficulty as jobs have been lost due to Covid-19. A significant share of the labor force is unemployed or underutilized and that will “continue for an unknown period.”The weakness in the labor market, along with physical distancing, have led to a decrease in housing activity. Both housing sales and listings are down sharply. Households may feel even more financially burdened if they are having difficult selling their homes. Most Canadian households see prices declining over the next six to 12 months.Highly indebted households will have a hard time managing income losses from lost employment. About 20% of all mortgage borrowers do not have enough liquid assets to cover two months of mortgage payments.Poloz downplayed concerns the central bank’s role in financing government spending could lead to a loss of its independence. “This government has been unwavering in its commitment to central bank independence throughout this,” Poloz said during a press teleconference in Ottawa. “We’ve behaved in ways which have been completely consistent with our inflation target. The key anchor to all that is the inflation target.”The governor, who steps down next month, cited the adage that central banks have the power to lend, while governments have the power to spend. “That distinction is crucial, and for us, the business of lending really only really has its power when people have confidence in the inflation target and therefore the independence of the central bank,” he said.“The objective is, in the first instance, market functioning. That’s crucial, because the monetary policy actions we’ve taken won’t go anywhere if financial markets were to stay gummed up as they were in early March.”(Updates with economist quote in eighth paragraph, Poloz comments in bottom three.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Which TSX Bank Stocks Belong in Your Forever Portfolio?
    The Motley Fool

    Which TSX Bank Stocks Belong in Your Forever Portfolio?

    Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is one of the biggest names on the TSX. But is it a buy in the current market?The post Which TSX Bank Stocks Belong in Your Forever Portfolio? appeared first on The Motley Fool Canada.

  • RRSP Wealth: Top 3 Dividend Stocks With Huge Upside
    The Motley Fool

    RRSP Wealth: Top 3 Dividend Stocks With Huge Upside

    Market turbulence has driven down attractive dividend stocks like Genworth MI Canada Inc. (TSX:MIC), which should pique the interest of RRSP investors.The post RRSP Wealth: Top 3 Dividend Stocks With Huge Upside appeared first on The Motley Fool Canada.

  • Retirees: Can You Retire on Just CPP and OAS Payments?
    The Motley Fool

    Retirees: Can You Retire on Just CPP and OAS Payments?

    Investing in high-quality dividend stocks is an easy way to generate recurring income and supplement retirement payouts.The post Retirees: Can You Retire on Just CPP and OAS Payments? appeared first on The Motley Fool Canada.

  • Income Investors: 7% Dividend Yields That Are Actually Safe
    The Motley Fool

    Income Investors: 7% Dividend Yields That Are Actually Safe

    Enbridge (TSX:ENB)(NYSE:ENB) and Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) sport dividend yields that aren't too good to be true for income investors.The post Income Investors: 7% Dividend Yields That Are Actually Safe appeared first on The Motley Fool Canada.

  • Is a Huge Housing Market Crash Likely in 2020?
    The Motley Fool

    Is a Huge Housing Market Crash Likely in 2020?

    Every time there is talk about a housing market crash, CIBC stock comes into focus. The bank with the highest exposure to mortgages is under the gun. But if the housing market crashes in 2020, it won’t be as severe as you'd think.The post Is a Huge Housing Market Crash Likely in 2020? appeared first on The Motley Fool Canada.

  • Top Dividend Stocks: 2 for TFSA Investors
    The Motley Fool

    Top Dividend Stocks: 2 for TFSA Investors

    With markets still unsettled, there are opportunities abound. TFSA investors can secure long-term upside with these two top dividend stocks. The post Top Dividend Stocks: 2 for TFSA Investors appeared first on The Motley Fool Canada.

  • CIBC (TSX:CM) Stock: Is This 7% Dividend Yield the Deal of the Decade?
    The Motley Fool

    CIBC (TSX:CM) Stock: Is This 7% Dividend Yield the Deal of the Decade?

    CIBC (TSX:CM)(NYSE:CM) stock offers a 7% dividend yield. Is the distribution safe?The post CIBC (TSX:CM) Stock: Is This 7% Dividend Yield the Deal of the Decade? appeared first on The Motley Fool Canada.