Canadian Imperial Bank of Commerce (TSE:CM) Given New C$56.00 Price Target at CSFB

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its target price cut by CSFB from C$57.00 to C$56.00 in a research note released on Friday morning, BayStreet.CA reports. They currently have a neutral rating on the stock.

A number of other research firms also recently weighed in on CM. TD Securities decreased their price objective on Canadian Imperial Bank of Commerce from C$60.00 to C$57.00 and set a hold rating on the stock in a report on Friday. Royal Bank of Canada reduced their target price on Canadian Imperial Bank of Commerce from C$72.00 to C$67.00 and set a sector perform rating on the stock in a report on Friday. Fundamental Research set a C$69.38 target price on Canadian Imperial Bank of Commerce and gave the stock a buy rating in a report on Tuesday, June 6th. Barclays boosted their target price on Canadian Imperial Bank of Commerce from C$56.00 to C$58.00 in a report on Friday, May 26th. Finally, Canaccord Genuity Group boosted their target price on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 and gave the stock a buy rating in a report on Monday, July 24th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of Hold and an average target price of C$63.06.

Canadian Imperial Bank of Commerce Trading Up 1.2 %

TSE CM opened at C$54.16 on Friday. The stock’s 50 day moving average is C$55.99 and its two-hundred day moving average is C$57.19. The company has a market capitalization of C$49.70 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 31.58 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 1-year low of C$53.01 and a 1-year high of C$65.24.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Thursday, September 28th will be given a dividend of $0.87 per share. This represents a $3.48 annualized dividend and a dividend yield of 6.43%. The ex-dividend date is Wednesday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 67.05%.

About Canadian Imperial Bank of Commerce

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.