Canadian Imperial Bank of Commerce (NYSE:CM) Shares Gap Up to $47.07

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $47.07, but opened at $48.65. Canadian Imperial Bank of Commerce shares last traded at $48.76, with a volume of 139,332 shares.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CM. Barclays began coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating for the company. Jefferies Financial Group began coverage on Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They issued a “buy” rating for the company. Finally, Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and a consensus target price of $63.00.

Canadian Imperial Bank of Commerce Price Performance

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 company has a market cap of $46.11 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 2.22 and a beta of 1.07. The business has a fifty day moving average price of $48.72 and a 200 day moving average price of $46.55.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.47 billion. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.02 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Investors of record on Thursday, March 28th were given a dividend of $0.6634 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $2.65 dividend on an annualized basis and a yield of 5.40%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s payout ratio is currently 54.75%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently bought and sold shares of CM. Bruce G. Allen Investments LLC bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth $33,000. Glassman Wealth Services grew its position in shares of Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after buying an additional 253 shares during the last quarter. Janiczek Wealth Management LLC grew its position in shares of Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after buying an additional 908 shares during the last quarter. Finally, Principal Securities Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $64,000. 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.