Canadian Imperial Bank of Commerce (NYSE:CM) Earns Market Perform Rating from Analysts at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note issued to investors on Friday. The firm issued a market perform rating on the bank’s stock.

Several other equities analysts have also commented on the stock. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, July 31st. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $167.00.

Canadian Imperial Bank of Commerce Stock Down 0.1%

CM opened at $116.38 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $106.24 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 1.22 and a beta of 1.01. The business has a 50-day moving average of $117.13 and a two-hundred day moving average of $108.36. Canadian Imperial Bank of Commerce has a 12 month low of $72.57 and a 12 month high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the company posted $2.05 EPS. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were issued a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce’s payout ratio is presently 42.58%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Cibc World Market Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth $1,342,850,000. Bank of Nova Scotia purchased a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $1,297,567,000. Norges Bank purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $958,383,000. Canada Pension Plan Investment Board acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $916,774,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.