Canadian Imperial Bank of Commerce (TSE:CM) to Issue Dividend Increase – $0.97 Per Share

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) announced a quarterly dividend on Friday, December 27th,RTT News reports. Shareholders of record on Friday, December 27th will be given a dividend of 0.97 per share on Tuesday, January 28th. This represents a $3.88 annualized dividend and a yield of 4.19%. The ex-dividend date is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at C$92.53 on Wednesday. Canadian Imperial Bank of Commerce has a 52-week low of C$59.53 and a 52-week high of C$95.50. The firm has a market cap of C$87.44 billion, a price-to-earnings ratio of 13.39, a PEG ratio of 3.03 and a beta of 1.12. The business’s fifty day moving average is C$89.73 and its 200-day moving average is C$78.44.

Insider Buying and Selling

In related news, Senior Officer Frank Guse sold 5,360 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of C$93.28, for a total value of C$499,985.62. Following the transaction, the insider now owns 440 shares in the company, valued at C$41,043.60. The trade was a 92.41 % decrease in their ownership of the stock. Also, Director Harry Kenneth Culham sold 800 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of C$83.20, for a total transaction of C$66,560.00. Insiders sold a total of 177,812 shares of company stock valued at $16,753,778 in the last three months. Insiders own 0.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CM. Scotiabank boosted their target price on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a research note on Friday, December 6th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and lifted their price target for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. TD Securities increased their price objective on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Royal Bank of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the stock a “sector perform” rating in a research note on Friday, August 30th. Finally, Cormark increased their price target on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average price target of C$92.67.

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.