Forex
CIBC Earnings Surge Past Estimates Amid Strong Institutional Support
Canadian Imperial Bank of Commerce (NYSE:CM) released its quarterly earnings report on Thursday, revealing better-than-expected results. The bank's earnings per share came in at $1.96, surpassing analysts' consensus estimates of $1.80 by $0.16.
The company's return on equity was 16.31% and net margin was 15.84%. CM stock opened at $118.09 Thursday morning.
Institutional investors have been active in buying shares, with Mackenzie Financial Corp increasing its holdings by 69.3% during the fourth quarter. Several research firms, including Scotiabank and Royal Bank Of Canada, have issued 'outperform' or 'buy' ratings on CM stock, with average price targets ranging from $147 to $167.