Canadian Imperial Bank of Commerce (NYSE:CM) Stock Has Average Price Target of $167.00

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $160.00.

Several research analysts have weighed in on the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, August 27th. Keefe, Bruyette & Woods initiated coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a “market perform” rating for the company. Finally, TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $109.18 on Tuesday. The firm has a 50 day simple moving average of $115.41 and a 200-day simple moving average of $112.14. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $99.66 billion, a PE ratio of 14.58, a P/E/G ratio of 1.08 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1-year low of $79.32 and a 1-year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. On average, equities analysts expect that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be given a dividend of C$1.07 per share. The ex-dividend date is Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 41.26%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds have recently added to or reduced their stakes in CM. Mn Services Vermogensbeheer B.V. boosted its position in shares of Canadian Imperial Bank of Commerce by 1.0% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 270,176 shares of the bank’s stock worth $29,826,000 after acquiring an additional 2,700 shares during the last quarter. Farther Finance Advisors LLC increased its position in Canadian Imperial Bank of Commerce by 37.3% during the third quarter. Farther Finance Advisors LLC now owns 2,050 shares of the bank’s stock worth $226,000 after purchasing an additional 557 shares during the last quarter. Fig Financial Advisory Services Inc. ADV acquired a new position in Canadian Imperial Bank of Commerce during the third quarter worth approximately $1,682,000. Versant Capital Management Inc increased its position in Canadian Imperial Bank of Commerce by 3.7% during the third quarter. Versant Capital Management Inc now owns 6,054 shares of the bank’s stock worth $667,000 after purchasing an additional 215 shares during the last quarter. Finally, QRG Capital Management Inc. raised its stake in Canadian Imperial Bank of Commerce by 31.3% during the second quarter. QRG Capital Management Inc. now owns 4,288 shares of the bank’s stock worth $493,000 after purchasing an additional 1,023 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC’s principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.