Scotiabank Raises Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$77.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective hoisted by Scotiabank from C$73.00 to C$77.00 in a research report report published on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

Other equities analysts have also recently issued research reports about the company. Barclays lifted their price target on Canadian Imperial Bank of Commerce from C$70.00 to C$71.00 and gave the stock an underweight rating in a research note on Friday. Jefferies Financial Group lifted their target price on shares of Canadian Imperial Bank of Commerce from C$76.00 to C$77.00 in a research report on Monday, May 13th. Desjardins upped their price target on shares of Canadian Imperial Bank of Commerce from C$67.00 to C$71.00 and gave the company a hold rating in a research report on Friday. Cormark lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$64.00 to C$68.00 in a research report on Friday, March 1st. Finally, Canaccord Genuity Group increased their target price on Canadian Imperial Bank of Commerce from C$64.00 to C$67.00 and gave the company a hold rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of C$69.09.

Canadian Imperial Bank of Commerce Stock Performance

Shares of TSE:CM opened at C$67.58 on Friday. The stock has a market capitalization of C$63.34 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 3.01 and a beta of 1.11. Canadian Imperial Bank of Commerce has a 1-year low of C$47.44 and a 1-year high of C$69.54. The company has a 50 day moving average price of C$66.55 and a 200 day moving average price of C$63.35.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings data on Thursday, February 29th. The company reported C$1.81 earnings per share for the quarter, topping the consensus estimate of C$1.69 by C$0.12. The business had revenue of C$6.22 billion during the quarter, compared to analyst estimates of C$6.07 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.14% and a net margin of 29.50%. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 6.7699387 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.60 dividend on an annualized basis and a yield of 5.33%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 55.21%.

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.