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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Thursday, August 27th. Shareholders of record on Monday, September 28th will be paid a dividend of 1.07 per share by the bank on Wednesday, October 28th. This represents a c) annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, September 28th.

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 payout ratio of 51.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $8.05 per share next year, which means the company should continue to be able to cover its $3.10 annual dividend with an expected future payout ratio of 38.5%.

Canadian Imperial Bank of Commerce Stock Down 2.8%

Shares of NYSE:CM opened at $114.85 on Friday. The company has a market capitalization of $104.84 billion, a PE ratio of 15.78, a P/E/G ratio of 1.23 and a beta of 1.01. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a twelve month low of $75.00 and a twelve month high of $124.86. The firm has a 50 day simple moving average of $117.41 and a 200-day simple moving average of $108.96.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.16. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CM has been the subject of several research analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They issued a “market perform” rating for the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Desjardins downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $167.00.

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.