Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of “Moderate Buy” by Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned an average rating of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $81.00.

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds have recently added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at $29,000. EverSource Wealth Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 574.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after purchasing an additional 908 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $51,000. Principal Securities Inc. purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $64,000. Finally, Ninepoint Partners LP acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter worth approximately $97,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 0.0 %

Shares of CM stock opened at $61.68 on Monday. The company has a 50-day moving average of $54.38 and a two-hundred day moving average of $50.73. The firm has a market cap of $58.17 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $62.01. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the company posted $1.14 EPS. On average, analysts predict that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be given a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

Canadian Imperial Bank of Commerce Company Profile

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.