Canadian Imperial Bank of Commerce (NYSE:CM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $109.00.

Several research firms have recently commented on CM. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a “sector outperform” rating for the company. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, May 24th. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Finally, Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an “outperform” rating in a report on Friday, May 30th.

Canadian Imperial Bank of Commerce Trading Down 0.1%

Shares of Canadian Imperial Bank of Commerce stock opened at $68.61 on Wednesday. The firm has a market capitalization of $64.50 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.49 and a beta of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $47.11 and a fifty-two week high of $69.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50 day moving average of $64.37 and a 200 day moving average of $62.29.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the business posted $1.75 earnings per share. The company’s quarterly revenue was up 13.9% on a year-over-year basis. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.7024 per share. This represents a $2.81 dividend on an annualized basis and a yield of 4.10%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce’s payout ratio is 47.10%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors have recently bought and sold shares of CM. Allspring Global Investments Holdings LLC lifted its holdings in Canadian Imperial Bank of Commerce by 195.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 227,989 shares of the bank’s stock worth $14,404,000 after buying an additional 150,789 shares during the last quarter. Rhumbline Advisers lifted its holdings in Canadian Imperial Bank of Commerce by 12.6% during the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after buying an additional 404 shares during the last quarter. Allworth Financial LP increased its position in shares of Canadian Imperial Bank of Commerce by 255.6% during the fourth quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock worth $71,000 after purchasing an additional 805 shares in the last quarter. Lorne Steinberg Wealth Management Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 161,334 shares of the bank’s stock valued at $10,195,000 after purchasing an additional 1,740 shares during the period. Finally, Alberta Investment Management Corp grew its stake in Canadian Imperial Bank of Commerce by 74.4% during the 4th quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock worth $99,450,000 after buying an additional 671,028 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.