Canadian Imperial Bank of Commerce (NYSE:CM) Receives $107.50 Average PT from Analysts

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned an average rating of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $107.50.

A number of analysts recently issued reports on the company. Raymond James Financial started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating for the company. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $92.37 on Thursday. The stock has a market capitalization of $85.59 billion, a P/E ratio of 15.17, a P/E/G ratio of 1.30 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $95.20. The firm’s 50 day moving average is $90.98 and its 200-day moving average is $82.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the firm earned $1.91 earnings per share. The business’s quarterly revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were issued a dividend of $1.07 per share. The ex-dividend date was Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 50.25%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Canerector Inc. boosted its stake in Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after acquiring an additional 22,042,000 shares during the last quarter. Norges Bank bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $730,245,000. The Manufacturers Life Insurance Company raised its position in Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after buying an additional 4,160,060 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in Canadian Imperial Bank of Commerce by 51.8% during the second quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after purchasing an additional 2,425,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.5% during the 2nd quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock worth $2,939,385,000 after buying an additional 1,382,123 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as 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, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.