Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Price Target at $107.50

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average recommendation of “Moderate Buy” by the nine brokerages that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $107.50.

A number of equities research analysts have recently commented on CM shares. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating on the stock. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. 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, March 4th. Finally, Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, March 10th.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $96.64 on Friday. The firm has a 50 day moving average price of $96.34 and a 200-day moving average price of $89.23. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $105.00. The firm has a market capitalization of $89.33 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.00 and a beta of 1.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same quarter in the prior year, the business posted $2.20 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be given a dividend of $1.07 per share. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 44.61%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Sequoia Financial Advisors LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 1.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank’s stock worth $880,000 after purchasing an additional 114 shares during the last quarter. Sivia Capital Partners LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 3.1% during the fourth quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank’s stock valued at $347,000 after buying an additional 116 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock valued at $272,000 after buying an additional 116 shares during the last quarter. McIlrath & Eck LLC increased its holdings in Canadian Imperial Bank of Commerce by 7.1% in the 4th quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank’s stock worth $175,000 after buying an additional 128 shares in the last quarter. Finally, Bridgewater Advisors Inc. raised its position in Canadian Imperial Bank of Commerce by 4.2% in the 4th quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank’s stock worth $311,000 after buying an additional 138 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

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.