Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Rating of “Moderate Buy” from Analysts

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has received an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $107.50.

Several analysts recently weighed in on the stock. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently bought and sold shares of the stock. Canerector Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 11,021.0% in the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after acquiring an additional 22,042,000 shares during the period. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $958,383,000. Mackenzie Financial Corp lifted its position in Canadian Imperial Bank of Commerce by 69.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after purchasing an additional 4,419,968 shares during the period. The Manufacturers Life Insurance Company lifted its position in Canadian Imperial Bank of Commerce by 130.2% in the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after purchasing an additional 4,160,060 shares during the period. Finally, FIL Ltd boosted its stake in Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 1.5%

Shares of NYSE CM opened at $99.56 on Monday. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $99.62. The company has a market cap of $92.25 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $93.41 and its 200 day simple moving average is $85.52.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the company earned $1.91 earnings per share. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were issued a $1.07 dividend. The ex-dividend date of this dividend was Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a yield of 4.3%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 50.25%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.