Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $63.00.

CM has been the subject of a number of research analyst reports. National Bank Financial raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, December 20th. Bank of America raised shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Monday, December 18th. Jefferies Financial Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 22nd. They issued a “buy” rating for the company. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 8th. Finally, Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They issued an “underweight” rating for the company.

Canadian Imperial Bank of Commerce Trading Up 1.3 %

Shares of CM stock opened at $50.72 on Monday. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The company has a market capitalization of $47.55 billion, a P/E ratio of 10.48, a P/E/G ratio of 2.35 and a beta of 1.05. The firm has a 50-day moving average price of $47.30 and a 200 day moving average price of $43.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.47 billion. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.6634 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.65 annualized dividend and a dividend yield of 5.23%. Canadian Imperial Bank of Commerce’s payout ratio is currently 26.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CM. Bruce G. Allen Investments LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $33,000. Glassman Wealth Services boosted its holdings in shares of Canadian Imperial Bank of Commerce by 57.5% in the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after buying an additional 253 shares during the period. Janiczek Wealth Management LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 34.9% in the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 277.9% in the first quarter. NewEdge Advisors LLC now owns 1,126 shares of the bank’s stock valued at $48,000 after buying an additional 828 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 574.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after buying an additional 908 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.