Canadian Imperial Bank of Commerce (NYSE:CM) Raises Dividend to $0.65 Per Share

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) declared a quarterly dividend on Thursday, May 26th, Zacks reports. Investors of record on Tuesday, June 28th will be given a dividend of 0.645 per share by the bank on Thursday, July 28th. This represents a $2.58 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date is Monday, June 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63.

Canadian Imperial Bank of Commerce has increased its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend every year for the last 1 years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 42.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Canadian Imperial Bank of Commerce to earn $5.47 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 46.8%.

Shares of CM opened at $53.74 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $48.50 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 2.82 and a beta of 1.02. The firm has a 50 day simple moving average of $58.50 and a 200-day simple moving average of $59.98. Canadian Imperial Bank of Commerce has a 1-year low of $51.14 and a 1-year high of $66.24.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last issued its quarterly earnings results on Thursday, May 26th. The bank reported $1.77 earnings per share for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.15). The company had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.32 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.72% and a net margin of 28.15%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.85 earnings per share. On average, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.37 earnings per share for the current fiscal year.

A number of equities analysts have recently issued reports on CM shares. Stifel Nicolaus dropped their price objective on shares of Canadian Imperial Bank of Commerce from C$87.00 to C$86.00 and set a “hold” rating for the company in a research note on Friday, April 8th. Credit Suisse Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, May 20th. They issued an “outperform” rating on the stock. Stifel Europe lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$87.00 and gave the stock a “hold” rating in a research note on Tuesday, March 1st. Zacks Investment Research raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, StockNews.com assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, March 31st. They set a “hold” rating on the stock. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $82.42.

Institutional investors and hedge funds have recently modified their holdings of the stock. NEXT Financial Group Inc grew its position in Canadian Imperial Bank of Commerce by 68.5% during the fourth quarter. NEXT Financial Group Inc now owns 246 shares of the bank’s stock worth $29,000 after buying an additional 100 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $295,000. Forum Financial Management LP bought a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at $291,000. Mirabella Financial Services LLP acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $348,000. Finally, Glenmede Trust Co. NA raised its position in Canadian Imperial Bank of Commerce by 5.9% in the fourth quarter. Glenmede Trust Co. NA now owns 3,267 shares of the bank’s stock worth $380,000 after acquiring an additional 183 shares during the period. 43.66% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile (Get Rating)

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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Dividend History for Canadian Imperial Bank of Commerce (NYSE:CM)

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