Canadian Imperial Bank of Commerce (NYSE:CM) Receives $63.00 Average PT from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $63.00.

Several research firms have recently issued reports on CM. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. Jefferies Financial Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They issued a “buy” rating on the stock. Finally, Barclays assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating for the company.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $48.03 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $51.14. The company has a market cap of $45.03 billion, a price-to-earnings ratio of 9.92, a PEG ratio of 2.23 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The company’s fifty day moving average price is $48.54 and its two-hundred day moving average price is $44.51.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, February 29th. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The business had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.47 billion. On average, analysts expect that Canadian Imperial Bank of Commerce will post 5.04 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 29th. Stockholders of record on Thursday, March 28th will be given a $0.6634 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.65 annualized dividend and a dividend yield of 5.52%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. Canadian Imperial Bank of Commerce’s payout ratio is 26.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CM. Bruce G. Allen Investments LLC bought a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $33,000. Glassman Wealth Services grew its position in shares of Canadian Imperial Bank of Commerce by 57.5% in the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after purchasing an additional 253 shares in the last quarter. Janiczek Wealth Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 34.9% during the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after purchasing an additional 222 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 574.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after purchasing an additional 908 shares in the last quarter. Finally, Principal Securities Inc. bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth about $64,000. 49.88% of the stock is owned by institutional investors.

About Canadian Imperial Bank of Commerce

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.