Canadian Imperial Bank of Commerce (TSE:CM) Plans Quarterly Dividend of $0.97

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) declared a quarterly dividend on Thursday, February 27th, RTT News reports. Investors of record on Friday, March 28th will be given a dividend of 0.97 per share on Monday, April 28th. This represents a $3.88 dividend on an annualized basis and a yield of 4.49%.

Canadian Imperial Bank of Commerce Price Performance

TSE:CM opened at C$86.43 on Friday. The company has a fifty day moving average price of C$89.81 and a 200 day moving average price of C$85.73. Canadian Imperial Bank of Commerce has a one year low of C$62.59 and a one year high of C$95.50. The stock has a market cap of C$80.86 billion, a P/E ratio of 11.42, a PEG ratio of 3.03 and a beta of 1.12.

Insiders Place Their Bets

In related news, Director Victor George Dodig sold 150,000 shares of Canadian Imperial Bank of Commerce stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of C$94.22, for a total transaction of C$14,132,865.00. Also, Senior Officer Frank Guse sold 5,360 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of C$93.28, for a total value of C$499,985.62. Following the completion of the sale, the insider now owns 440 shares of the company’s stock, valued at C$41,043.60. This represents a 92.41 % decrease in their position. In the last quarter, insiders have sold 177,012 shares of company stock valued at $16,687,218. 0.02% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CM has been the subject of several research reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from C$97.00 to C$103.00 in a research report on Wednesday, January 8th. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. Scotiabank lowered their target price on shares of Canadian Imperial Bank of Commerce from C$114.00 to C$95.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Cormark increased their price target on shares of Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research report on Friday, December 6th. Finally, National Bankshares lifted their price objective on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of C$93.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.