Canadian Imperial Bank of Commerce (CM) To Go Ex-Dividend on June 29th

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Wednesday, May 27th. Stockholders of record on Monday, June 29th will be given a dividend of 1.07 per share by the bank on Tuesday, July 28th. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, June 29th.

Canadian Imperial Bank of Commerce has raised its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend every year for the last 14 years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 51.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $8.10 per share next year, which means the company should continue to be able to cover its $3.13 annual dividend with an expected future payout ratio of 38.6%.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $109.44 on Friday. The firm has a 50 day simple moving average of $105.69 and a 200 day simple moving average of $97.36. Canadian Imperial Bank of Commerce has a 52 week low of $67.28 and a 52 week high of $117.05. The stock has a market cap of $100.49 billion, a P/E ratio of 15.95, a P/E/G ratio of 1.21 and a beta of 1.05. 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 released its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. During the same quarter in the prior year, the business earned $2.20 EPS. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in shares of Canadian Imperial Bank of Commerce by 0.5% during the 1st quarter. Bank of America Corp DE now owns 2,726,487 shares of the bank’s stock valued at $258,335,000 after purchasing an additional 13,250 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Canadian Imperial Bank of Commerce by 9.5% in the first quarter. Janus Henderson Group PLC now owns 214,595 shares of the bank’s stock worth $20,303,000 after purchasing an additional 18,625 shares in the last quarter. Smith Group Asset Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 4.9% in the first quarter. Smith Group Asset Management LLC now owns 88,020 shares of the bank’s stock worth $8,340,000 after purchasing an additional 4,080 shares in the last quarter. Amundi increased its position in Canadian Imperial Bank of Commerce by 25.7% during the first quarter. Amundi now owns 3,045,890 shares of the bank’s stock worth $288,815,000 after buying an additional 623,585 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Canadian Imperial Bank of Commerce by 23.9% during the first quarter. EverSource Wealth Advisors LLC now owns 3,132 shares of the bank’s stock worth $297,000 after buying an additional 605 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

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.