Canadian Imperial Bank of CommerceNYSE
Tue, Oct. 11, 11:39 AM
- A risk sharing proposal would likely have lenders paying some sort of a deductible when a mortgage goes bad - similar to what car drivers do in a car crash.
- The banks say mortgage defaults are so rare - 5 times lower than the U.S. by one measure - that making lenders share the risk is unnecessary and not worth the costs. “If it’s supposed to be something to improve the quality of underwriting," says the Canadian Bankers Association's Darren Hannah, "Well the quality of underwriting is already very strong.”
- The group - which includes TD, BMO, CM, RY, and BNS - holds its regular meetings with the country's finance department this week, and plans to let its feelings be known.
- Also of interest to Genworth (NYSE:GNW), whose Canadian mortgage insurance unit is the country's second-largest.
Thu, Aug. 25, 7:28 AM
Thu, Aug. 25, 6:48 AM
Wed, Aug. 24, 5:30 PM
Thu, Jul. 7, 1:26 PM
- It's a strategy that may not pay off in better stock price performance, warns Canaccord.
- Recent buys include CIBC's (CM -0.5%) just-announced $3.8B deal for Private Bancorp, and RBC's (RY -0.4%) $5.5B acquisition of City National last year.
- The lenders could be forgiven for focusing on EPS as stock prices have tracked that measure far more closely than ROE. But, says Canaccord, research shows sacrificing ROE in order to juice EPS hasn't guaranteed superior share performance. Top performers, they say, deliver both better EPS growth and better ROE.
Wed, Jun. 29, 7:25 AM
- CIBC (NYSE:CM) has been looking for a U.S. acquisition target and it's found one in Chicago-based PrivateBancorp (NASDAQ:PVTB) in a $3.8B stock and cash deal, or $47 per share based on current closing prices. PrivateBancorp owners will receive $18.80 in cash and 0.3657 shares of CIBC for each share of PVTB they own.
- The deal is expected to close in early 2017 and be accretive to adjusted EPS in year three.
- A conference call is set for 8 ET
- PVTB +25.2% premarket to $45; CM -1.4% to $76.
Thu, May 26, 7:18 AM
Thu, May 26, 7:01 AM
Wed, May 25, 5:30 PM
Thu, May 12, 8:35 AM
- In what could only be described as certain to happen once the Panama Papers leak hit, the New York Department of Financial Services has asked Goldman Sachs (NYSE:GS), along with BNP Paribas (OTCQX:BNPQY), CIBC (NYSE:CM), and Standard Chartered (OTCPK:SCBFF) about their possible involvement with shell companies, according to CNBC.
- The NYDFS also requested information from 13 other lenders over the matter last month.
Thu, Apr. 7, 8:19 AM
- Total returns and profitability at the former Canadian banking laggard are now tops among peers, and the bank's dividend yield is the highest of the five major lenders. Meanwhile, CEO Victor Dodig - under whose leadership at least part of this transformation has taken place (he took over 18 months ago) - is on the hunt for a U.S. acquisition to further diversify operations.
- “We wouldn’t have bought CM a decade ago," says a fund manager. “They just made one mistake after another. A long time ago, if there was a pothole in the road Commerce would hit it, but that hasn’t happened in a long time.”
- Speaking to Bloomberg ahead of the annual meeting, Dodig says CIBC could spend up to C$4B on a deposit-taking U.S. commercial bank following the sale of its stake in American Century Investments.
- Now read: A Good Time To Buy The 'Big 5' Canadian Bank Stocks (March 31)
Thu, Feb. 25, 7:55 AM
- FQ1 (ends Jan. 31) adjusted net income of $1.029B vs. $956M a year ago. Adjusted EPS of $2.55 vs. $2.36. Adjusted ROE of 19%.
- Retail and Business Banking net income excluding items of $686M up 12% Y/Y.
- Wealth Management net income excluding items of $122M down 8% Y/Y. Revenue fell 3% largely due to lower performance fees in Atlantic Trust business and lower revenue from ACI following the announcement of its sale at year-end.
- Capital Markets net income excluding items of $248M down 7% Y/Y, mostly due to lower underwriting revenue and investment portfolio gains. Trading revenue rose.
- Quarterly dividend is boosted by $0.03 per share to $1.18.
- Previously: Canadian Imperial Bank beats by C$0.13, misses on revenue (Feb. 25)
- CM flat premarket
Thu, Feb. 25, 7:33 AM
- Canadian Imperial Bank (NYSE:CM): Q4 EPS of C$2.55 beats by C$0.13.
- Revenue of C$3.59B (+3.8% Y/Y) misses by C$80M.
Wed, Feb. 24, 5:30 PM
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Wed, Feb. 24, 10:40 AM
- Royal Bank of Canada (RY -5.2%) posted a sizable earnings miss behind declines in investment banking and insurance profits.
- Energy, naturally, is also an issue, and the bank set aside $410M for bad loans, up 52% from one year ago. Impaired loans to oil and gas companies rose to $310M from $156M in FQ4 and just $5M one year ago.
- Bank of Montreal (BMO -3.3%), Scotiabank (BNS -3.9%), CIBC (CM -4%), TD Bank (TD -3.5%)
Dec. 21, 2015, 12:41 PM
- "American Century was a good asset - great performance, good history - but CIBC (CM -0.1%) had a minority interest with no path to control," says analyst John AIken. Its sale, says Aiken, gives the bank "ample capital to pursue other strategic opportunities."
- CIBC CEO Victor Dodig has made no secret of his ambition to expand the bank's U.S. wealth-management business, and has earmarked up to $2.9B for acquisitions. The sale of CIBC's 41% stake in American Century to Nomura gives him another $1B. “This then is a case of management taking one step back in order to hopefully take two forward," says analyst Meny Grauman.
- The bank expects to book a gain of $170M from the sale, which will add about 50 basis points to its CET1 ratio.
- Previously: Nomura to buy stake in American Century Investments (Dec. 21)