Canadian Imperial Bank of Commerce (NYSE:CM) Receives $107.50 Consensus Target Price from Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $107.50.

Several equities research analysts recently issued reports on CM shares. Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $92.82 on Wednesday. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $93.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50-day simple moving average is $84.55 and its 200 day simple moving average is $77.59. The firm has a market cap of $86.21 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.26 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the firm posted $1.91 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 46.31%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CM. Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank’s stock valued at $3,373,827,000 after purchasing an additional 810,582 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock worth $1,818,556,000 after buying an additional 249,722 shares during the last quarter. Canerector Inc. boosted its stake in Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after buying an additional 22,042,000 shares in the last quarter. JPMorgan Chase & Co. grew its position in Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock valued at $595,762,000 after acquiring an additional 2,538,808 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Canadian Imperial Bank of Commerce by 10.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank’s stock worth $826,866,000 after acquiring an additional 980,811 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.