Canadian Imperial Bank of Commerce (TSE:CM) Upgraded at Desjardins

Desjardins upgraded shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from a hold rating to a moderate buy rating in a report released on Friday, Marketbeat Ratings reports. Desjardins currently has C$77.00 price target on the stock, up from their prior price target of C$71.00.

A number of other analysts have also weighed in on CM. UBS Group set a C$70.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a neutral rating in a report on Tuesday, July 2nd. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$77.00 in a report on Friday, May 31st. Jefferies Financial Group lifted their price objective on Canadian Imperial Bank of Commerce from C$78.00 to C$79.00 and gave the company a buy rating in a research note on Thursday, June 6th. Scotiabank boosted their target price on Canadian Imperial Bank of Commerce from C$73.00 to C$77.00 and gave the stock an outperform rating in a research report on Friday, May 31st. Finally, Royal Bank of Canada raised their price target on Canadian Imperial Bank of Commerce from C$68.00 to C$69.00 and gave the company a sector perform rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average target price of C$70.07.

Canadian Imperial Bank of Commerce Price Performance

Shares of TSE:CM traded down C$0.41 during trading on Friday, hitting C$68.62. 6,172,694 shares of the company were exchanged, compared to its average volume of 3,824,763. Canadian Imperial Bank of Commerce has a 52-week low of C$47.44 and a 52-week high of C$71.77. The stock has a 50 day moving average of C$67.36 and a 200 day moving average of C$65.84. The company has a market cap of C$64.32 billion, a PE ratio of 10.59, a P/E/G ratio of 3.01 and a beta of 1.11.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its earnings results on Thursday, May 30th. The company reported C$1.75 EPS for the quarter, topping the consensus estimate of C$1.66 by C$0.09. The business had revenue of C$6.16 billion during the quarter, compared to the consensus estimate of C$6.11 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.14% and a net margin of 29.50%. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 6.7699387 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Friday, June 28th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend was Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 55.21%.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of C$67.50, for a total value of C$1,605,285.00. In other Canadian Imperial Bank of Commerce news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of C$67.50, for a total value of C$1,605,285.00. Also, Senior Officer John Hountalas sold 20,808 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of C$65.97, for a total transaction of C$1,372,672.55. 0.03% of the stock is currently owned by company insiders.

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.