Canadian Imperial Bank of Commerce (NYSE:CM) Receives $107.50 Average Price Target from Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $107.50.

Several research firms have weighed in on CM. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday. Wall Street Zen downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 3.5% in the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock worth $2,939,385,000 after acquiring an additional 1,382,123 shares during the last quarter. Bank of Nova Scotia boosted its position in shares of Canadian Imperial Bank of Commerce by 4.5% in the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank’s stock worth $1,010,849,000 after acquiring an additional 773,174 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock worth $595,762,000 after acquiring an additional 2,538,808 shares during the last quarter. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $730,245,000. Finally, CIBC Asset Management Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 2.3% in the second quarter. CIBC Asset Management Inc now owns 9,526,562 shares of the bank’s stock worth $675,987,000 after acquiring an additional 214,180 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $82.28 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $78.96 and a two-hundred day moving average price of $71.69. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $82.34. The company has a market capitalization of $76.49 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.75 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same period last year, the firm posted $1.93 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.7%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.64%.

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.