Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $67.00

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned a consensus rating of “Hold” from the nine analysts that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $67.00.

Several analysts have recently issued reports on CM shares. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They issued an “underweight” rating on the stock. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, June 20th. Finally, Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd.

Canadian Imperial Bank of Commerce Stock Up 0.6 %

Shares of NYSE CM opened at $48.53 on Wednesday. The company’s 50-day simple moving average is $48.47 and its 200-day simple moving average is $47.90. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $51.14. The firm has a market cap of $45.77 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.48 billion. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts 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 dividend of $0.653 per share. This represents a $2.61 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.70%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently bought and sold shares of the company. Bruce G. Allen Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $33,000. Glassman Wealth Services raised its stake 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 acquiring an additional 253 shares during the period. Janiczek Wealth Management LLC raised its stake 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 acquiring an additional 222 shares during the period. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 908 shares during the period. Finally, Principal Securities Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $64,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.