Canadian Imperial Bank of Commerce (NYSE:CM) Receives $81.00 Average Price Target from Analysts

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $81.00.

CM has been the subject of a number of research reports. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. BMO Capital Markets raised their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $61.68 on Monday. The company has a market capitalization of $58.17 billion, a P/E ratio of 12.69, a P/E/G ratio of 1.85 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $62.01. The business’s 50 day moving average is $54.38 and its two-hundred day moving average is $50.73. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.14 EPS. Analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.23%. Canadian Imperial Bank of Commerce’s payout ratio is 54.73%.

Institutional Trading of Canadian Imperial Bank of Commerce

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock valued at $1,821,520,000 after acquiring an additional 675,786 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares during the period. Bank of Nova Scotia increased its holdings in shares of Canadian Imperial Bank of Commerce by 8.1% during the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock worth $1,199,627,000 after buying an additional 1,872,709 shares during the last quarter. TD Asset Management Inc raised its position in shares of 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 buying an additional 2,730,076 shares during the period. Finally, Cibc World Market Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after acquiring an additional 3,143,734 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

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.