Canadian Imperial Bank of Commerce (TSE:CM) Plans Dividend Increase – $0.87 Per Share

Canadian Imperial Bank of Commerce (TSE:CM – Get Rating) (NYSE:CM) announced a quarterly dividend on Thursday, May 25th, RTT News reports. Shareholders of record on Wednesday, June 28th will be paid a dividend of 0.87 per share on Friday, July 28th. This represents a $3.48 dividend on an annualized basis and a yield of 6.25%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.85.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at C$55.64 on Thursday. The stock has a market capitalization of C$50.72 billion, a P/E ratio of 11.08, a price-to-earnings-growth ratio of 27.22 and a beta of 1.04. Canadian Imperial Bank of Commerce has a fifty-two week low of C$53.58 and a fifty-two week high of C$71.10. The company has a 50 day moving average price of C$56.71 and a 200 day moving average price of C$58.73.

Canadian Imperial Bank of Commerce (TSE:CM – Get Rating) (NYSE:CM) last released its earnings results on Friday, February 24th. The company reported C$1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.66 by C$0.28. Canadian Imperial Bank of Commerce had a return on equity of 9.89% and a net margin of 22.77%. The firm had revenue of C$5.93 billion during the quarter. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 6.9480198 EPS for the current fiscal year.

Insider Transactions at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Director Victor George Dodig acquired 34,850 shares of the stock in a transaction that occurred on Thursday, March 16th. The shares were purchased at an average cost of C$57.65 per share, with a total value of C$2,009,102.50. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CM shares. Fundamental Research set a C$73.83 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock a “buy” rating in a report on Tuesday, March 14th. CSFB reduced their price target on shares of Canadian Imperial Bank of Commerce from C$65.00 to C$60.00 in a research report on Tuesday, May 16th. TD Securities lifted their target price on Canadian Imperial Bank of Commerce from C$59.00 to C$62.00 and gave the stock a “hold” rating in a research report on Monday, February 27th. Canaccord Genuity Group raised their price target on Canadian Imperial Bank of Commerce from C$66.00 to C$66.50 in a research note on Monday, February 27th. Finally, CIBC raised their target price on shares of Canadian Imperial Bank of Commerce from C$66.00 to C$66.50 in a research report on Monday, February 27th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of C$66.37.

About Canadian Imperial Bank of Commerce

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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.