Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) PT at $167.00

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average rating of “Moderate Buy” by the seven ratings firms that are presently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $167.00.

Several analysts have recently weighed in on CM shares. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently modified their holdings of CM. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $958,383,000. Mackenzie Financial Corp raised its position in Canadian Imperial Bank of Commerce by 69.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after purchasing an additional 4,419,968 shares during the period. FIL Ltd lifted its stake in Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after acquiring an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock worth $808,281,000 after purchasing an additional 1,720,220 shares in the last quarter. Finally, Morgan Stanley boosted its position in Canadian Imperial Bank of Commerce by 39.5% in the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank’s stock valued at $452,030,000 after buying an additional 1,412,363 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $116.26 on Thursday. The business has a fifty day moving average of $114.35 and a 200 day moving average of $105.12. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The stock has a market cap of $106.12 billion, a P/E ratio of 15.97, a PEG ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $71.00 and a 52-week high of $122.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter last year, the business posted $2.05 EPS. As a group, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

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

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.