Canadian Imperial Bank of Commerce Announces Quarterly Dividend of C$1.07 (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, May 28th. Investors of record on Monday, June 29th will be given a dividend of 1.07 per share by the bank on Tuesday, July 28th. This represents a c) dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Monday, June 29th.

Canadian Imperial Bank of Commerce has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 51.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $8.10 per share next year, which means the company should continue to be able to cover its $3.13 annual dividend with an expected future payout ratio of 38.6%.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $109.44 on Friday. The business has a 50 day simple moving average of $105.69 and a 200 day simple moving average of $97.36. Canadian Imperial Bank of Commerce has a 52-week low of $67.28 and a 52-week high of $117.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $100.49 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 1.21 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The business had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same period in the prior year, the business earned $2.20 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 15.3% compared to the same quarter last year. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after buying an additional 876,974 shares during the last quarter. TD Asset Management Inc increased its holdings in Canadian Imperial Bank of Commerce by 1.1% during the third quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock worth $1,818,556,000 after buying an additional 249,722 shares during the last quarter. Canerector Inc. increased its holdings in Canadian Imperial Bank of Commerce by 11,021.0% during the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after buying an additional 22,042,000 shares during the last quarter. FIL Ltd increased its holdings in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after buying an additional 2,643,495 shares during the last quarter. Finally, Bank of Nova Scotia increased its holdings in Canadian Imperial Bank of Commerce by 0.5% during the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after buying an additional 57,210 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.