Canaccord Genuity set a $117.00 price target on Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note issued to investors on Thursday. The brokerage currently has a buy rating on the bank’s stock.

A number of other analysts also recently issued reports on CM. BidaskClub raised Canadian Imperial Bank of Commerce from a hold rating to a buy rating in a research report on Thursday, July 13th. Zacks Investment Research raised Canadian Imperial Bank of Commerce from a sell rating to a hold rating in a research report on Tuesday, July 4th. Finally, National Bank Financial reissued an outperform overweight rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $102.43.

Canadian Imperial Bank of Commerce (CM) traded up 0.63% during trading on Thursday, hitting $84.88. 518,134 shares of the company traded hands. The company’s 50 day moving average is $85.17 and its 200-day moving average is $83.97. The stock has a market capitalization of $37.00 billion, a PE ratio of 9.80 and a beta of 1.09. Canadian Imperial Bank of Commerce has a 52 week low of $72.62 and a 52 week high of $92.22.

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The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Thursday, September 28th will be given a $1.0329 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. This represents a $4.13 annualized dividend and a yield of 4.87%. The ex-dividend date is Wednesday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 45.25%.

A number of institutional investors have recently added to or reduced their stakes in the stock. Strategic Global Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $400,000. Sprott Inc. purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at $1,128,000. TD Asset Management Inc. increased its position in Canadian Imperial Bank of Commerce by 3.1% in the second quarter. TD Asset Management Inc. now owns 20,328,408 shares of the bank’s stock valued at $1,649,658,000 after buying an additional 620,661 shares in the last quarter. ARP Americas LLC purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $241,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at $209,000. 48.46% of the stock is owned by institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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