Canadian Imperial Bank of Commerce (NYSE:CM) Declares Quarterly Dividend of $0.64

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) announced a quarterly dividend on Thursday, May 25th, Zacks reports. Investors of record on Wednesday, June 28th will be given a dividend of 0.642 per share by the bank on Friday, July 28th. This represents a $2.57 annualized dividend and a yield of 6.16%. The ex-dividend date of this dividend is Tuesday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 5.5% per year over the last three years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 47.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $5.15 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 48.2%.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $41.66 on Friday. The firm has a market cap of $38.23 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 1.57 and a beta of 1.01. Canadian Imperial Bank of Commerce has a fifty-two week low of $39.40 and a fifty-two week high of $56.68. The company’s 50-day moving average price is $41.94 and its 200 day moving average price is $43.49. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last posted its earnings results on Friday, February 24th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.23 by $0.21. Canadian Imperial Bank of Commerce had a net margin of 12.75% and a return on equity of 14.51%. The firm had revenue of $4.40 billion during the quarter. As a group, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.21 earnings per share for the current year.

Wall Street Analyst Weigh In

CM has been the subject of several recent analyst reports. Canaccord Genuity Group upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Wednesday, May 10th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Friday. CIBC upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Tuesday, May 9th. Finally, Royal Bank of Canada increased their price objective on shares of Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, February 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $74.14.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $305,412,000. Clearbridge Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $73,764,000. Vanguard Group Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank’s stock valued at $1,804,087,000 after acquiring an additional 495,127 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Canadian Imperial Bank of Commerce by 9.9% in the 1st quarter. JPMorgan Chase & Co. now owns 5,252,884 shares of the bank’s stock valued at $222,828,000 after acquiring an additional 471,370 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Canadian Imperial Bank of Commerce by 23.5% in the 4th quarter. Morgan Stanley now owns 2,189,852 shares of the bank’s stock valued at $88,580,000 after acquiring an additional 416,362 shares in the last quarter. 44.40% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Company Profile

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.