Canadian Imperial Bank of Commerce (NYSE:CM) Receives $63.00 Consensus Target Price from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received a consensus recommendation of “Moderate Buy” from the nine research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $63.00.

Several research firms recently commented on CM. Barclays assumed coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating on the stock. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research note on Tuesday, February 20th. Finally, Jefferies Financial Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They set a “buy” rating for the company.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $47.41 on Friday. The firm’s fifty day simple moving average is $48.63 and its 200 day simple moving average is $44.55. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $51.14. The firm has a market capitalization of $44.45 billion, a price-to-earnings ratio of 9.80, a PEG ratio of 2.25 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.47 billion. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 29th. Shareholders of record on Thursday, March 28th will be issued a dividend of $0.6634 per share. This represents a $2.65 dividend on an annualized basis and a yield of 5.60%. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 26.45%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth $404,008,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Canadian Imperial Bank of Commerce by 94.4% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after purchasing an additional 2,952,277 shares during the last quarter. TD Asset Management Inc boosted its stake in Canadian Imperial Bank of Commerce by 13.8% during the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after purchasing an additional 2,730,076 shares during the period. FIL Ltd grew its position in Canadian Imperial Bank of Commerce by 218.0% in the 4th quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock worth $153,841,000 after purchasing an additional 2,190,378 shares during the last quarter. Finally, Mufg Securities Canada LTD. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $94,373,000. Institutional investors own 49.88% of the company’s stock.

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.