Canadian Imperial Bank of Commerce (NYSE:CM) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have earned a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $67.00.

A number of research firms have recently commented on CM. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, June 20th. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating for the company. Finally, Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd.

Canadian Imperial Bank of Commerce Trading Up 0.6 %

Shares of Canadian Imperial Bank of Commerce stock opened at $48.53 on Wednesday. The company has a market capitalization of $45.77 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 1.90 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The firm’s 50-day moving average price is $48.47 and its two-hundred day moving average price is $47.90.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.07. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. On average, analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.653 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a yield of 5.38%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.70%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CM. Janiczek Wealth Management LLC increased its position in 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. Gulf International Bank UK Ltd increased its position in Canadian Imperial Bank of Commerce by 3.8% during the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock valued at $324,000 after purchasing an additional 236 shares during the period. Glassman Wealth Services increased its position in Canadian Imperial Bank of Commerce by 57.5% during the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after purchasing an additional 253 shares during the period. Massachusetts Financial Services Co. MA increased its position in Canadian Imperial Bank of Commerce by 4.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after purchasing an additional 300 shares during the period. Finally, Raymond James Trust N.A. increased its position in Canadian Imperial Bank of Commerce by 2.3% during the 4th quarter. Raymond James Trust N.A. now owns 13,576 shares of the bank’s stock valued at $654,000 after purchasing an additional 307 shares during the period. Institutional investors own 49.88% of the company’s stock.

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.