Canadian Imperial Bank of Commerce (NYSE:CM) Shares Gap Up to $47.32

Shares of Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) gapped up prior to trading on Friday . The stock had previously closed at $47.32, but opened at $49.99. Canadian Imperial Bank of Commerce shares last traded at $47.63, with a volume of 11,470 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Desjardins cut their price objective on Canadian Imperial Bank of Commerce from C$74.00 to C$73.00 and set a “hold” rating on the stock in a research note on Monday, August 29th. StockNews.com started coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. CIBC lifted their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$79.00 and gave the stock an “outperform” rating in a research report on Friday, August 26th. TD Securities downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and dropped their price target for the stock from C$74.00 to C$65.00 in a research report on Tuesday, November 15th. Finally, National Bank Financial lowered their price objective on Canadian Imperial Bank of Commerce from C$84.00 to C$83.00 in a research report on Tuesday, August 16th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $81.58.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

The business has a 50-day moving average price of $45.28 and a 200-day moving average price of $49.30. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $43.01 billion, a P/E ratio of 8.66, a PEG ratio of 2.87 and a beta of 0.97.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last announced its quarterly earnings results on Thursday, August 25th. The bank reported $1.45 EPS for the quarter, beating the consensus estimate of $1.40 by $0.05. The business had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.27 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.82% and a net margin of 24.18%. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.58 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 28th. Investors of record on Wednesday, September 28th were paid a $0.649 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Tuesday, September 27th. This represents a $2.60 annualized dividend and a yield of 5.47%. Canadian Imperial Bank of Commerce’s payout ratio is currently 46.17%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors have recently bought and sold shares of CM. Pacifica Partners Inc. boosted its stake in Canadian Imperial Bank of Commerce by 100.0% in the 2nd quarter. Pacifica Partners Inc. now owns 510 shares of the bank’s stock valued at $25,000 after buying an additional 255 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Canadian Imperial Bank of Commerce by 162.9% in the second quarter. Steward Partners Investment Advisory LLC now owns 510 shares of the bank’s stock worth $25,000 after purchasing an additional 316 shares in the last quarter. Twin Tree Management LP boosted its stake in Canadian Imperial Bank of Commerce by 106.1% in the third quarter. Twin Tree Management LP now owns 600 shares of the bank’s stock worth $26,000 after purchasing an additional 10,400 shares in the last quarter. Tower View Investment Management & Research LLC boosted its stake in Canadian Imperial Bank of Commerce by 100.0% in the second quarter. Tower View Investment Management & Research LLC now owns 600 shares of the bank’s stock worth $29,000 after purchasing an additional 300 shares in the last quarter. Finally, Spire Wealth Management boosted its stake in Canadian Imperial Bank of Commerce by 100.0% in the second quarter. Spire Wealth Management now owns 650 shares of the bank’s stock worth $32,000 after purchasing an additional 325 shares in the last quarter. Institutional investors and hedge funds own 44.32% of the company’s stock.

About Canadian Imperial Bank of Commerce

(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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