Canadian Imperial Bank of Commerce (TSE:CM) Releases Quarterly Earnings Results

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) released its quarterly earnings data on Thursday. The company reported C$2.73 EPS for the quarter, FiscalAI reports. The company had revenue of C$8.37 billion for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%.

Canadian Imperial Bank of Commerce Stock Down 2.8%

Shares of CM opened at C$159.16 on Friday. The company has a market cap of C$145.28 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 3.03 and a beta of 1.40. Canadian Imperial Bank of Commerce has a twelve month low of C$103.26 and a twelve month high of C$172.87. The company has a 50 day moving average of C$164.90 and a two-hundred day moving average of C$151.12.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Tuesday, July 28th were given a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 2.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 40.48%.

Insider Activity

In other Canadian Imperial Bank of Commerce news, insider Christopher John Anderson sold 8,490 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the completion of the sale, the insider owned 6,252 shares of the company’s stock, valued at approximately C$972,186. This trade represents a 57.59% decrease in their ownership of the stock. Also, insider Amy Florence South sold 1,086 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total value of C$176,094.90. In the last quarter, insiders sold 17,776 shares of company stock worth $2,817,744. Insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CM shares. Raymond James Financial raised their target price on shares of Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the company a “market perform” rating in a research report on Wednesday, August 12th. Jefferies Financial Group increased their price objective on shares of Canadian Imperial Bank of Commerce from C$143.00 to C$153.00 and gave the company a “hold” rating in a research note on Thursday, August 13th. Scotiabank lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a “sector perform” rating in a report on Tuesday, June 16th. Canaccord Genuity Group boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Finally, National Bank Financial set a C$180.00 target price on Canadian Imperial Bank of Commerce and gave the stock a “sector perform” rating in a report on Monday. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$165.46.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.