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 been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $107.50.

CM has been the topic of a number of research reports. Raymond James Financial assumed coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Finally, Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently bought and sold shares of the company. American Century Companies Inc. lifted its stake in Canadian Imperial Bank of Commerce by 10.8% in the 2nd quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after purchasing an additional 33,908 shares in the last quarter. Legal & General Group Plc boosted its stake in Canadian Imperial Bank of Commerce by 4.4% during the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock valued at $438,056,000 after buying an additional 262,675 shares during the period. Westerkirk Capital Inc. purchased a new position in Canadian Imperial Bank of Commerce during the second quarter worth about $3,379,000. AGF Management Ltd. increased its stake in Canadian Imperial Bank of Commerce by 15.2% in the 2nd quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock worth $62,908,000 after acquiring an additional 116,190 shares during the last quarter. Finally, Cumberland Partners Ltd increased its stake in Canadian Imperial Bank of Commerce by 50.0% in the 2nd quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock worth $1,021,000 after acquiring an additional 4,800 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $100.99 on Monday. The stock’s 50 day moving average price is $94.21 and its two-hundred day moving average price is $86.50. The stock has a market capitalization of $93.57 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 1.30 and a beta of 1.00. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.02 and a current ratio of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.20 EPS. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 44.61%.

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.