Canadian Imperial Bank of Commerce (NYSE:CM) Q1 2026 Earnings call February 26, 2026 07:30 AM ET Company ParticipantsChristian Exshaw - Senior EVPEbrahim Poonawala - Head Managing Director of American Banks ResearchFrank Guse - Chief Risk OfficerGeoff Weiss - Senior VP of Investor RelationsHarry Culham - President and CEOMario Mendonca - Managing DirectorRaj Viswanathan - Group Head and CFORob Sedran - CFOConference Call ParticipantsDoug Young - Equity Research AnalystGabriel Dechaine - Managing Director an ...

Canadian Imperial Bank of Commerce (NYSE:CM) Q1 2026 Earnings call February 26, 2026 07:30 AM ET Speaker9Good morning, welcome to the CIBC first quarter quarterly results conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.Speaker4Thank you and good morning. We will begin this morning's call with opening remarks from Harry Culham, our President and Chief Executive Offi ...

Quarterly Results Presentation First Quarter 2026 February 26, 2026 All amounts are in Canadian dollars unless otherwise indicated. First Quarter 2026 | 0 Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this report, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe ha ...

All amounts are in Canadian dollars unless otherwise indicated. Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this report, in other filings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Ca ...

Core Insights - Canadian Imperial Bank of Commerce (CIBC) has seen recent activity from institutional investors, with several firms increasing their stakes in the bank's stock [1][6] - The bank's stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target of $107.50 [2] - CIBC reported strong quarterly earnings, exceeding analysts' expectations, with a revenue increase of 14.5% year-over-year [4] Institutional Investment Activity - Brown Advisory Inc. increased its stake by 2.6%, owning 6,277 shares valued at $445,000 after acquiring 160 additional shares [1] - Pacifica Partners Inc. raised its holdings by 12.1%, now owning 1,756 shares worth $141,000 after purchasing 190 shares [1] - EverSource Wealth Advisors LLC lifted its stake by 12.0%, owning 1,801 shares valued at $128,000 after acquiring 193 shares [1] - Baron Wealth Management LLC boosted its position by 7.0%, now holding 3,364 shares worth $269,000 after purchasing 221 shares [1] - L.M. Kohn & Company increased its holdings by 6.0%, owning 4,090 shares valued at $290,000 after acquiring 230 shares [1] - Institutional investors collectively own 49.88% of CIBC's stock [1] Analyst Ratings - Zacks Research downgraded CIBC from "strong-buy" to "hold" [2] - Weiss Ratings maintained a "buy (b)" rating [2] - Wall Street Zen upgraded CIBC from "sell" to "hold" [2] - Raymond James Financial initiated coverage with a "market perform" rating [2] - Four analysts rated the stock as a Buy and four as Hold [2] Financial Performance - CIBC reported earnings per share (EPS) of $1.57, surpassing the consensus estimate of $1.49 by $0.08 [4] - The bank's revenue for the quarter was $5.41 billion, exceeding the consensus estimate of $5.23 billion [4] - CIBC's return on equity was 14.93% and net margin was 13.57% [4] - The bank's quarterly revenue increased by 14.5% compared to the same quarter last year [4] Dividend Information - CIBC declared a quarterly dividend of $1.07, representing an annualized dividend of $4.28 and a yield of 4.4% [5] - This dividend reflects an increase from the previous quarterly dividend of $0.97 [5] - The payout ratio is currently 50.25% [5] Company Overview - 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 [7] - The bank provides a wide range of banking and financial services to retail, small business, commercial, and institutional clients [7][8]

Core Viewpoint - Canada's Big Banks are expected to report fourth-quarter results at the end of the month, with analysts expressing caution over stock valuations, which appear stretched compared to historical trends [1] Group 1: Earnings and Performance - The Big Six Canadian banks outperformed U.S. mega-banks and domestic life insurers last year despite a weaker economic outlook and a trade pact review [1] - Analysts at TD Cowen noted that the Big Six are trading at an 18% premium and are approaching full value territory [1] - The stocks are trading at a one-year forward earnings per share of 14.3 times based on 2026 consensus, significantly above the 25-year trend of 10 to 12 times [1] Group 2: Analyst Insights - Despite stretched valuations, TD Cowen analysts believe strong fundamentals, including net interest income, improving U.S. loan growth, and strong trading revenue, will support the sector in the near term [1] - TD Cowen raised price targets for four of the five Big Six banks, with specific adjustments for Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, and Royal Bank of Canada [1] Group 3: Price Targets and Recommendations - Bank of Montreal's target rose from $219 to $209, Bank of Nova Scotia from $104 to $112, Canadian Imperial Bank of Commerce from $134 to $142, National Bank of Canada was cut to $175 from $181, and Royal Bank of Canada from $246 to $260 [1] - TD's top bank picks are Bank of Montreal and Royal Bank of Canada due to their extensive U.S. capital markets operations [1]

Group 1 - The overall sentiment towards Canadian Imperial Bank of Commerce (CM.N) is optimistic, with multiple institutions maintaining a buy rating and increasing target prices [1] - Canaccord Genuity raised its target price from $80.53 to $101.75, while Darko Mihelic from Canaccord Capital Markets set a target price of $98.97, reflecting strong market confidence [1] - All four institutions covering the stock have given buy or hold recommendations, indicating a positive outlook for the bank [1] Group 2 - The stock has shown volatility, with a cumulative increase of 0.45% from February 6 to February 12, and a price range fluctuation of 3.86% during this period [2] - Daily closing prices were as follows: $96.68 (Feb 6, +2.27%), $98.04 (Feb 9, +1.41%), $98.03 (Feb 10, -0.01%), $96.91 (Feb 11, -1.14%), and $94.96 (Feb 12, -2.01%) [2] - The total trading volume during this period was $358 million, with a high of $98.50 on February 11 and a low of $94.85 on February 12, outperforming the banking sector which declined by 1.25% [2] Group 3 - The Bank of Canada indicated on February 12 that U.S. policy increases uncertainty, complicating its ability to assess interest rate actions, which may indirectly affect the banking stock environment [3] - There were no significant company announcements during this period [3]

Group 1 - B2Gold Corp. is considered one of the most undervalued Canadian stocks by hedge funds, with recent price target increases from analysts [1][2] - CIBC analyst Anita Soni raised the price target for B2Gold to $6.50 from $6, citing a sector update that included higher gold price forecasts of $6,000 per ounce for 2026 and $6,500 for 2027 [1] - Raymond James also increased its price target for B2Gold to $6.50 from $6.00 while maintaining an Outperform rating, reflecting new commodity price forecasts for precious and base metals [2][3] Group 2 - The adjustments in price targets are driven by persistent economic and political uncertainty, which are expected to influence demand for gold and copper [3] - B2Gold operates several mines, including the Fekola Mine in Mali, the Masbate Mine in the Philippines, and the Otjikoto Mine in Namibia, positioning the company well within the gold production sector [3]

Additionally, CPKC today announced that Marc Parent has been appointed to the board effective Jan. 27, 2026, and that Kate Stevenson has been nominated to stand for election as a director at CPKC's Annual General Meeting of Shareholders in April 2026. CALGARY, AB, Jan. 28, 2026 /PRNewswire/ - Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) announced today that, as part of its ongoing board succession planning, Gordon Trafton, a current member of the CPKC board, has been appointed vice-chair of the ...

Core Insights - The Whistler Conference is recognized for setting the tone for the year in the investment community, particularly in the precious metals sector [1][2] Group 1: Conference Overview - The 29th Annual CIBC Western Institutional Investor Conference is referred to as the Whistler Conference, highlighting its significance in the industry [1] - The conference features a royalty panel, indicating a focus on companies involved in royalty agreements within the precious metals market [1] Group 2: Presentation Format - Each CEO participating in the conference is allotted a 5-minute presentation before engaging in a fireside chat, allowing for structured discussions [2] - The order of presentations is determined alphabetically, simplifying the process for attendees [2]