Canadian Imperial Bank of Commerce (CM) to Issue Quarterly Dividend of $0.65 on July 28th

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) declared a quarterly dividend on Thursday, May 26th, Zacks reports. Shareholders of record on Tuesday, June 28th will be paid a dividend of 0.645 per share by the bank on Thursday, July 28th. This represents a $2.58 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date is Monday, June 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63.

Canadian Imperial Bank of Commerce has raised its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Canadian Imperial Bank of Commerce has a payout ratio of 42.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Canadian Imperial Bank of Commerce to earn $5.47 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 46.8%.

Shares of NYSE:CM opened at $54.43 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $51.14 and a 12-month high of $66.24. The company has a market capitalization of $49.12 billion, a PE ratio of 9.47, a PEG ratio of 2.82 and a beta of 1.02. The business has a 50 day moving average of $58.29 and a two-hundred day moving average of $59.94. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last announced its quarterly earnings results on Thursday, May 26th. The bank reported $1.77 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.92 by ($1.15). Canadian Imperial Bank of Commerce had a net margin of 28.15% and a return on equity of 16.72%. The company had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the firm posted $2.85 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.37 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. NEXT Financial Group Inc raised its position in Canadian Imperial Bank of Commerce by 68.5% in the 4th quarter. NEXT Financial Group Inc now owns 246 shares of the bank’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $295,000. Forum Financial Management LP acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $291,000. Mirabella Financial Services LLP acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $348,000. Finally, Glenmede Trust Co. NA raised its position in Canadian Imperial Bank of Commerce by 5.9% in the 4th quarter. Glenmede Trust Co. NA now owns 3,267 shares of the bank’s stock valued at $380,000 after purchasing an additional 183 shares in the last quarter. 43.66% of the stock is currently owned by institutional investors.

Several brokerages have recently weighed in on CM. Zacks Investment Research raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Thursday. Scotiabank upped their target price on Canadian Imperial Bank of Commerce from C$83.00 to C$91.00 in a research note on Friday, February 18th. TD Securities dropped their price target on Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 and set a “buy” rating for the company in a research report on Friday. National Bankshares boosted their price target on Canadian Imperial Bank of Commerce from C$83.50 to C$84.00 in a research report on Friday. Finally, Bank of America cut Canadian Imperial Bank of Commerce from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 17th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $82.58.

About Canadian Imperial Bank of Commerce (Get Rating)

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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Dividend History for Canadian Imperial Bank of Commerce (NYSE:CM)

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