Canadian Imperial Bank of Commerce (TSE:CM) Price Target Cut to C$55.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its target price lowered by Desjardins from C$62.00 to C$55.00 in a report released on Monday morning, BayStreet.CA reports. Desjardins currently has a hold rating on the stock.

A number of other analysts have also commented on CM. CIBC lifted their price target on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 in a research note on Monday, July 24th. Cormark cut their price objective on Canadian Imperial Bank of Commerce from C$62.00 to C$61.00 and set a market perform rating on the stock in a research note on Friday, September 1st. Canaccord Genuity Group boosted their price target on Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 and gave the company a buy rating in a research note on Monday, July 24th. Barclays dropped their price target on Canadian Imperial Bank of Commerce from C$58.00 to C$57.00 and set an equal weight rating on the stock in a research note on Friday, September 1st. Finally, Royal Bank of Canada decreased their price objective on Canadian Imperial Bank of Commerce from C$67.00 to C$66.00 and set a sector perform rating for the company in a report on Monday, September 25th. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of Hold and a consensus target price of C$62.46.

Canadian Imperial Bank of Commerce Stock Performance

Shares of TSE CM opened at C$51.92 on Monday. Canadian Imperial Bank of Commerce has a 52 week low of C$47.44 and a 52 week high of C$65.24. The stock has a market capitalization of C$47.98 billion, a P/E ratio of 10.58, a PEG ratio of 31.58 and a beta of 1.03. The stock’s fifty day moving average is C$52.23 and its 200 day moving average is C$54.91.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its earnings results on Thursday, August 31st. The company reported C$1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$1.69 by C($0.17). Canadian Imperial Bank of Commerce had a net margin of 22.51% and a return on equity of 9.45%. The business had revenue of C$5.85 billion during the quarter, compared to the consensus estimate of C$5.80 billion. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 6.8544974 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Friday, October 27th were paid a $0.87 dividend. The ex-dividend date was Wednesday, September 27th. This represents a $3.48 dividend on an annualized basis and a yield of 6.70%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 71.17%.

Canadian Imperial Bank of Commerce Company Profile

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.