Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Recommendation of “Hold” from Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given a consensus rating of “Hold” by the eight ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $58.50.

A number of equities research analysts recently commented on CM shares. Royal Bank of Canada dropped their target price on Canadian Imperial Bank of Commerce from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research report on Friday, September 1st. Barclays lowered their price objective on Canadian Imperial Bank of Commerce from $58.00 to $57.00 and set an “equal weight” rating on the stock in a research report on Friday, September 1st. BMO Capital Markets decreased their target price on shares of Canadian Imperial Bank of Commerce from $69.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, September 1st. Finally, StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Saturday, September 30th.

Canadian Imperial Bank of Commerce Trading Up 0.1 %

Shares of NYSE:CM opened at $39.57 on Tuesday. The business’s 50-day moving average is $38.01 and its 200 day moving average is $40.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $48.80. The firm has a market capitalization of $36.84 billion, a P/E ratio of 10.78, a P/E/G ratio of 2.63 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 31st. The bank reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.11). The company had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.29 billion. Canadian Imperial Bank of Commerce had a net margin of 9.26% and a return on equity of 13.29%. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 4.95 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Thursday, September 28th were paid a dividend of $0.657 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64. This represents a $2.63 annualized dividend and a yield of 6.64%. The ex-dividend date of this dividend was Wednesday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 70.03%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CM. Creative Planning increased its stake in shares of Canadian Imperial Bank of Commerce by 6.6% in the 2nd quarter. Creative Planning now owns 24,543 shares of the bank’s stock worth $1,047,000 after acquiring an additional 1,523 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $148,000. Nexus Investment Management ULC lifted its position in shares of Canadian Imperial Bank of Commerce by 0.8% during the 2nd quarter. Nexus Investment Management ULC now owns 70,803 shares of the bank’s stock worth $3,025,000 after buying an additional 553 shares during the last quarter. Procyon Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 16.2% in the second quarter. Procyon Advisors LLC now owns 11,211 shares of the bank’s stock valued at $478,000 after acquiring an additional 1,561 shares during the last quarter. Finally, Lorne Steinberg Wealth Management Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 9.7% in the 2nd quarter. Lorne Steinberg Wealth Management Inc. now owns 130,269 shares of the bank’s stock valued at $5,565,000 after purchasing an additional 11,547 shares during the last quarter. 43.72% of the stock is owned by institutional investors and hedge funds.

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.