CM.TO - Canadian Imperial Bank of Commerce

Toronto - Toronto Delayed Price. Currency in CAD
108.88
-5.95 (-5.18%)
At close: 4:00PM EST
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Previous Close114.83
Open110.97
Bid108.88 x 0
Ask108.86 x 0
Day's Range108.26 - 111.02
52 Week Range97.55 - 115.96
Volume6,145,203
Avg. Volume1,527,812
Market Cap48.499B
Beta (3Y Monthly)1.14
PE Ratio (TTM)9.54
EPS (TTM)11.41
Earnings DateFeb. 26, 2020 - Mar. 2, 2020
Forward Dividend & Yield5.76 (5.29%)
Ex-Dividend Date2019-09-26
1y Target Est113.14
  • Thomson Reuters StreetEvents

    Edited Transcript of CM.TO earnings conference call or presentation 5-Dec-19 1:00pm GMT

    Q4 2019 Canadian Imperial Bank of Commerce Earnings Call

  • 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 (16,854.92, down 42.42 points.)Canadian Natural Resources Ltd. (TSX:CNQ) Energy. Down 49 cents, or 1.31 per cent, to $36.91 on 11.28 million shares.Manulife Financial Corp. (TSXLMFC). Financial Services. Down 17 cents, or 0.67 per cent, to $25.10 on 8.4 million shares.Cenovus Energy Inc. (TSX:CVE). Energy. Down 14 cents, or 1.21 per cent, to $11.45 on 7.17 million shares.Canadian Imperial Bank of Commerce. (TSX:CM). Financial services. Down $5.95, or 5.18 per cent, to $108.88 on 6.15 million shares.Toronto Dominion Bank. (TSX:TD). Financial Services. Down $2.65, or 3.5 per cent, to $73.02 on 6.06 million shares.Aurora Cannabis Inc. (TSX:ACB). Healthcare. Down five cents, or 1.53 per cent, to $3.21 on 5.98 million shares.\---Companies in the news:Canadian Imperial Bank of Commerce. (TSX:CM). Financial services. Down $5.95, or 5.18 per cent, to $108.88 on 6.15 million shares. Canadian Imperial Bank of Commerce says it had $1.19 billion of net profit in the fourth quarter, down six per cent from the comparable period of 2018, as adjusted earnings came in below analyst estimates. Among other things, the quarter was negatively affected by a $135-million goodwill impairment charge related to the expected sale of CIBC's controlling interest in FirstCaribbean International Bank Ltd.Toronto Dominion Bank. (TSX:TD). Financial Services. Down $2.65, or 3.5 per cent, to $73.02 on 6.06 million shares. TD Bank Group's profit slipped in the fourth quarter compared with a year ago, missing analyst estimates for adjusted earnings. The bank says it earned $2.86 billion or $1.54 per share in the quarter ending Oct. 31, down three per cent from $2.96 billion or $1.58 per share a year earlier.The Second Cup Ltd. (TSX:SCU). Consumer cyclical. Up 13 cents, or 9.63 per cent, to $1.48 on roughly 57,000 shares. The Second Cup Ltd. says it has agreed to buy Ottawa-based Bridgehead Coffee in a $9.5-million deal. It's the first acquisition for the company since it announced last month a new operating structure and strategy under the name Aegis Brands. The name and structure change are still subject to shareholder approval and won't take place until next year.This report by The Canadian Press was first published Dec. 5, 2019.The Canadian Press

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    The Motley Fool

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  • REVEALED: My Favourite (and Least Favourite) Canadian Banks for 2020
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  • TD, CIBC Earnings Misses Cap Hard Quarter for Canadian Banks
    Bloomberg

    TD, CIBC Earnings Misses Cap Hard Quarter for Canadian Banks

    (Bloomberg) -- Earnings disappointments at Toronto-Dominion Bank and Canadian Imperial Bank of Commerce capped a tough quarter for Canada’s six largest lenders, with the industry sideswiped by rising provisions for soured loans and slumping capital markets.Both Toronto-Dominion and CIBC reported fiscal fourth quarter results that missed analysts’ estimates Thursday, after setting aside more money for loan losses and posting declining profits in capital markets and Canadian banking. Toronto-Dominion also was affected by a C$154 million ($117 million) restructuring charge, with the majority covering severance packages, echoing measures taken by Bank of Montreal earlier in the week that marked the industry’s biggest job cuts in years.“We took some restructuring charges as we continue to accelerate our ongoing efforts to modernize our operations and improve our efficiency,” Toronto-Dominion Chief Financial Officer Riaz Ahmed said Thursday in a phone interview, declining to give a number for the job reductions. “Because it’s broadly distributed, it’s just a very small portion of our workforce.”The two banks join Royal Bank of Canada in posting quarterly results that failed to live up to analysts’ expectations. Bank of Montreal beat estimates earlier in the week, even after taking a restructuring charge for job cuts that will affect about 5% of its workforce, or about 2,300 employees, while Montreal-based National Bank of Canada also topped expectations. Bank of Nova Scotia matched estimates when it reported its results last week.Toronto-Dominion’s shares fell 3% to C$73.40 at 9:49 a.m. in Toronto, while CIBC slumped 4.8% to C$109.33, its biggest intraday decline in more than four years.Earnings at Toronto-Dominion fell 3.5% to C$2.86 billion, with adjusted earnings of C$1.59 a share missing the C$1.73 average estimate of analysts surveyed by Bloomberg. Earnings from Canadian retail, which includes wealth management, were little changed, though profit in Canadian personal and commercial banking fell. The lender’s capital markets business also saw an earnings drop, due in part to changes to its trading capabilities that caused some derivative valuation charges in the quarter.‘Largest Miss’“All segments came in below our forecast with the largest miss in Canadian retail banking,” RBC Capital Markets analyst Darko Mihelic said in a note to clients.CIBC’s profit fell 5.9% to C$1.19 billion after taking a C$135 million goodwill charge related to selling a stake in CIBC FirstCaribbean in November, and adjusted per-share earnings of C$2.84 missed the C$3.07 average analysts’ estimate. A 37% jump in earnings from its U.S. commercial banking and wealth management was a bright spot in a quarter that saw profit declines in its Canadian businesses and capital markets.Rising provisions were a theme across Canadian banks in the fourth quarter. Toronto-Dominion set aside C$891 million in the quarter for soured loans, up 33% from a year ago and its highest amount in at least two years, in what Ahmed described as the “effects of normalizing” provisions.“We are continuing to see a normalization from what has been cyclically very low provisions in the last two years,” he said. “We just see it as individual business stories and not an overall trend in the economy.”CIBC’s provisions soared 52% to C$402 million, with part of that due to a C$52 million fraud-related impairment in its Canadian commercial bank.“We had a few unusual items this year combined with continued normalization in an environment that the industry has seen,” CIBC CFO Hratch Panossian said in a phone interview. “On the impaired, we had a few unique events. Those we feel go away.”(Updates with additional banks in first paragraph, shares in fifth.)To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, ;David Scanlan at dscanlan@bloomberg.net, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • TFSA Users: 2 TSX Stocks Screaming One Loud “Buy” Signal
    The Motley Fool

    TFSA Users: 2 TSX Stocks Screaming One Loud “Buy” Signal

    Canadian Imperial Bank of Commerce stock and Shaw Communications stock are ripe for buying and holding in your TFSA.

  • CIBC, TD close bleak Q4 earning season with lower profit, higher loss provisions
    The Canadian Press

    CIBC, TD close bleak Q4 earning season with lower profit, higher loss provisions

    TORONTO — Canada's banking sector closed out its fourth-quarter earnings season Thursday with CIBC and TD providing more evidence of a challenging economic environment.Canadian Imperial Bank of Commerce reported $1.19 billion of net profit in the fourth quarter, down six per cent from the comparable period of 2018, while its adjusted earnings of $2.84 per share came in below analyst estimates.CIBC's revenue for the three months ended Oct. 31 was $4.77 billion, up from $4.45 billion in last year's fourth quarter, when it had $1.27 billion of net income, or $2.80 per share, and $3 per share of adjusted earnings. TD Bank Group's adjusted earnings also missed analyst estimates as net profit slipped three per cent to $2.86 billion, or $1.54 per share, in the quarter ending Oct. 31, down from $2.96 billion or $1.58 per share a year earlierAmong other things, the banks increased their provisions for credit losses substantially compared with last year, when PCLs were historically low.At TD, PCL for the quarter was $891 million, an increase of $221 million or 33 per cent, compared with the fourth quarter last year. At CIBC, PCL rose 52 per cent to $402 million from $264 million a year earlier.CIBC's quarter was also negatively affected by a $135-million goodwill impairment charge related to the expected sale of its controlling interest in FirstCaribbean International Bank Ltd.CIBC's net profit amounted to $2.58 per share while adjusted earnings were $2.84 per share.Analysts had estimated $3.06 per share of adjusted profit, according to financial markets data firm Refinitiv."Our core businesses delivered pre-provision earnings growth of four per cent. However, our higher provisions for credit losses this quarter affected our bottom line results," CIBC chief executive Victor Dodig told analysts."While provisions have increased, we remain confident in the quality of our loan portfolio going forward."Laura Dottori-Attanasio, the bank's chief risk officer, said that the quarter's PCLs included $330 million of provisions for impaired loans and $72 million of provisions for performing loans.The higher provision for impaired loans was primarily due to one fraud-related impairment that amounted to $52 million in CIBC's business-government portfolio. The higher provision for performing loans was primarily due to changes in forward-looking indicators amid an increase in delinquency rates at its Canadian consumer portfolios."The increase is mainly in insured mortgages and secured lines of credit within personal lending that have conservative collateral coverage. As such, we do not expect them to translate into notable losses," she said.Dodig concluded the CIBC call by saying the bank is focused on improving the performance of its businesses."We did not deliver what we wanted to deliver to our shareholders and we're focused on getting the bank back to earnings growth in 2020. That's the preliminary occupation of the leadership team."In answer to an analyst question, Dodig said there are opportunities for CIBC to simplify its operations and improve efficiencies."And while we prefer to execute this gradually over the normal course. We continue to review all our options, and that could potentially require a charge down the line in order to accelerate our progress."Bank of Montreal, which also reported lower fourth quarter profit and higher provisions for credit losses on Tuesday, said it took a $357-million restructuring charge — mostly severance for about five per cent of its global workforce — as a result of a decision to accelerate digitization initiatives and simplification of its business. For TD, its fourth quarter included about $114 million of restructuring charges after taxes, or about six cents per share. Its chief financial officer described it Thursday afternoon as an "optimization exercise" within a growing bank, noting that TD had added the equivalent of 3,500 full-time front-line, technology and corporate jobs over the year. CIBC shares closed down $5.95 or 5.2 per cent at $108.89. TD shares fell $2.65 or 3.5 per cent to $73.02. This report by The Canadian Press was first published Nov. 05, 2019.Companies in this story: (TSX:CM, TSX:TD. TSX:BMO)David Paddon, The Canadian PressNote to readers: This is a corrected story. An earlier version provided incorrect information about TD's provision for credit losses.

  • Bloomberg

    CIBC Misses Estimates Even With U.S.-Focused Strategy Paying Off

    (Bloomberg) -- Canadian Imperial Bank of Commerce’s strategy of being a little less Canadian is catching on, though that did little to help earnings last quarter.CIBC’s $5 billion takeover of Chicago-based PrivateBancorp two years ago was the cornerstone of Chief Executive Officer Victor Dodig’s push to diversify beyond Canada. That plan is working, with profit from U.S. commercial banking and wealth management at a record C$180 million ($137 million) as growth continues to outpace CIBC’s banking businesses in Canada. Earnings missed analysts’ estimates.Key InsightsCIBC has a goal of getting 17% of its earnings from U.S. businesses by 2020, with contributions from capital markets and the PrivateBancorp acquisition, the bank’s largest takeover in its 152-year history. CIBC reached that target, with a 37% increase from U.S. commercial banking and wealth management in the quarter.Dodig warned investors in May that earnings this year would be “relatively flat” after posting quarterly results hampered by a contraction in domestic mortgages and net interest income. CIBC’s per-share earnings fell 7.9% in the fourth quarter, leaving earnings down 3.9% for the year.CIBC has being seeing an increase in provisions for credit losses throughout the year as changes in accounting rules took effect. It set aside C$402 million for soured loans in the fiscal fourth quarter, up 52% from a year earlier.The CEO told investors in September that the bank “put the brakes on too hard” in cooling its once industry-leading domestic mortgage growth and said the bank is “readjusting.” CIBC’s domestic mortgage book was unchanged from a year earlier at C$202 billion in balances.Canadian personal and small business banking is CIBC’s biggest and most important division, given its reliance on the domestic operation for almost half of overall earnings. That division earned C$601 million in the quarter, down 10%, compared with the 3% decrease for CIBC Capital Markets and the 8.1% decline for Canadian commercial banking and wealth management.Market ReactionCIBC shares have risen 13% this year through Wednesday, compared with a 12% gain for the eight-company S&P/TSX Commercial Banks Index.Get MoreFourth-quarter net income fell 5.9% to C$1.19 billion, or C$2.58 a share, after recording a C$135 million goodwill charge from selling a 66.7% stake in CIBC FirstCaribbean in November. Adjusted per-share earnings totaled C$2.84, missing the C$3.07 average estimate of 14 analysts in a Bloomberg survey.Read more about CIBC’s quarterly results here.To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, ;Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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  • Giant Thank You Card Unveiled at Toronto Headquarters to Celebrate 35th Anniversary of CIBC Miracle Day
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    Giant Thank You Card Unveiled at Toronto Headquarters to Celebrate 35th Anniversary of CIBC Miracle Day

    Sports and Entertainment Celebrities Join in Helping Kids Rise Above TORONTO , Dec. 4, 2019 /CNW/ - Today, CIBC team members together with clients, celebrities and partner charities united to raise money for ...

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  • Bank of Canada Holds Steady, Citing ‘Intact’ Global Recovery
    Bloomberg

    Bank of Canada Holds Steady, Citing ‘Intact’ Global Recovery

    (Bloomberg) -- The Bank of Canada struck an upbeat tone Wednesday, citing evidence of a stabilizing global economy and a resilient domestic backdrop that gives little indication policy makers are in a rush to lower borrowing costs.The Ottawa-based central bank held its benchmark interest rate at 1.75% for a ninth consecutive meeting, retaining language from its previous statement that it judges the current level to be “appropriate.” The prolonged pause has left Canada with the highest policy rate among advanced economies.The decision showcases a Bank of Canada still comfortable with its wait-and-see stance, maintaining its outlier status in a period of global monetary easing. In the statement, officials said the October projection for a recovery in global growth “appears to be intact,” even as international trade disputes remain the biggest source of risk. It characterized domestic economic conditions, driven by consumers and housing, as resilient.“Future interest rate decisions will be guided by the Bank’s continuing assessment of the adverse impact of trade conflicts against the sources of resilience in the Canadian economy,” policy makers led by Governor Stephen Poloz said in the statement.“There is nascent evidence that the global economy is stabilizing,” officials said, adding they expect global growth to edge higher over the next couple of years.The Canadian dollar extended gains on the decision, up 0.6% to C$1.3219 per U.S. dollar at 10:20 a.m. Toronto time, as investors pared bets on future cuts. Yields on two-year Canadian government bonds also jumped, trading at 1.62%, from 1.56% on Tuesday.“It’s steady as she goes for Captain Poloz,” Benjamin Reitzes, an economist at Bank of Montreal, said in a note to investors. “Today’s statement can be characterized as glass half full.”All 27 economists surveyed by Bloomberg expected the Bank of Canada to hold on Wednesday, though many see the bank eventually cutting borrowing costs as early as the first quarter next year. Markets are still pricing in a two-thirds chance of a rate cut over the next 12 months.Analysts characterized the statement as less dovish than the previous statement in October, when the central bank highlighted global risks and Poloz acknowledged the central bank had considered the merits of an insurance cut. While there was no reference to that in Wednesday’s statement, Deputy Governor Tim Lane will provide more insight into the deliberations in a speech Thursday.“Today’s statement dialed back the dovish rhetoric of the prior statement, and as such suggests that the BoC is pretty firmly on hold for now,” Andrew Grantham, an economist at CIBC World Markets, said in a note.On the global outlook, policy makers said financial markets are being supported by easing measures by other central banks, and “waning recession concerns.” And while trade uncertainty persists, the Bank of Canada noted commodity prices and the currency have been stable.Investment MomentumDomestically, the central bank said gross domestic product came in as expected in the third quarter, driven higher by consumption and housing, as well as unexpected strength in investment. Policy makers, who had expected a decline in capital spending in the second half, said they will assess the extent to which the pickup “points to renewed momentum” in investment.The Bank of Canada reiterated that the recent record of core inflation around 2% is consistent with an economy operating near capacity. While inflation is expected to pick up in coming months, the acceleration should be temporary due to year over year movements in gasoline prices.One thing constraining the central bank is debt. Credit growth and real estate activity are re-accelerating in the second half of this year, propelled in part by lower interest rates imported from abroad, and any additional stimulus by the Bank of Canada could fuel risks.“The bank continues to monitor the evolution of financial vulnerabilities related to the household sector,” they said in the statement.(Updates with analyst comments in sixth and ninth paragraphs)To contact the reporters on this story: Erik Hertzberg in Ottawa at eschmitzhert@bloomberg.net;Theophilos Argitis in Ottawa at targitis@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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    CNW Group

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    Canadian sports icons and comedian will take to CIBC's Montreal trading floor to help make miracles happen for kids in need MONTREAL , Dec. 4, 2019 /CNW/ - CIBC  (TSX: CM) (NYSE: CM) invites media to join ...

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    CNW Group

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