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 earned a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $107.50.

A number of brokerages recently issued reports on CM. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating for the company. Finally, Zacks Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st.

Canadian Imperial Bank of Commerce Stock Down 0.2%

Shares of NYSE CM opened at $93.21 on Thursday. The stock has a market capitalization of $86.37 billion, a P/E ratio of 15.31, a PEG ratio of 1.27 and a beta of 1.02. The stock’s fifty day moving average is $90.57 and its 200 day moving average is $82.67. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $94.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. 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 firm earned $1.91 EPS. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $30,000. Toth Financial Advisory Corp bought a new position in Canadian Imperial Bank of Commerce in the third quarter valued at about $32,000. AdvisorNet Financial Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 300.0% during the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Finally, Lodestone Wealth Management LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $37,000. Institutional investors own 49.88% of the company’s stock.

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.