Canadian Imperial Bank of Commerce (NYSE:CM) Given New C$78.00 Price Target at TD Securities

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) had its price target decreased by TD Securities from C$82.00 to C$78.00 in a research note published on Friday, The Fly reports. TD Securities currently has a buy rating on the bank’s stock.

CM has been the subject of several other research reports. Credit Suisse Group assumed coverage on Canadian Imperial Bank of Commerce in a report on Friday, May 20th. They issued an outperform rating and a $80.00 price objective for the company. Bank of America cut Canadian Imperial Bank of Commerce from a buy rating to a neutral rating in a report on Tuesday, May 17th. StockNews.com assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, March 31st. They set a hold rating for the company. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a sell rating to a hold rating in a report on Thursday. Finally, Stifel Nicolaus reduced their price target on Canadian Imperial Bank of Commerce from C$87.00 to C$86.00 and set a hold rating for the company in a report on Friday, April 8th. Seven investment 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, Canadian Imperial Bank of Commerce currently has an average rating of Buy and a consensus target price of $82.58.

Shares of NYSE CM opened at $54.43 on Friday. The stock has a market capitalization of $49.12 billion, a price-to-earnings 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 200-day moving average of $59.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $51.14 and a fifty-two week high of $66.24.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last announced its quarterly earnings data on Thursday, May 26th. The bank reported $1.77 earnings per share for the quarter, missing the consensus estimate of $2.92 by ($1.15). The company had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.32 billion. Canadian Imperial Bank of Commerce had a net margin of 28.15% and a return on equity of 16.72%. Canadian Imperial Bank of Commerce’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.85 EPS. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.37 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 28th. Stockholders of record on Tuesday, June 28th will be given a $0.645 dividend. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.74%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Monday, June 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 44.17%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. L.M. Kohn & Company acquired a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $226,000. Advisory Services Network LLC raised its position in Canadian Imperial Bank of Commerce by 22.0% during the first quarter. Advisory Services Network LLC now owns 16,663 shares of the bank’s stock valued at $2,028,000 after purchasing an additional 3,006 shares in the last quarter. Neuberger Berman Group LLC raised its position in Canadian Imperial Bank of Commerce by 0.7% during the first quarter. Neuberger Berman Group LLC now owns 137,564 shares of the bank’s stock valued at $16,931,000 after purchasing an additional 1,008 shares in the last quarter. Capital World Investors acquired a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $938,627,000. Finally, Advisors Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 7.4% during the first quarter. Advisors Asset Management Inc. now owns 6,629 shares of the bank’s stock valued at $807,000 after purchasing an additional 454 shares in the last quarter. Institutional investors own 43.66% of the company’s stock.

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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