Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Thursday, August 24th, Wall Street Journal reports. Shareholders of record on Thursday, September 28th will be paid a dividend of 1.0329 per share by the bank on Friday, October 27th. This represents a $4.13 dividend on an annualized basis and a yield of 4.69%. The ex-dividend date of this dividend is Wednesday, September 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94.

Canadian Imperial Bank of Commerce has decreased its dividend by an average of 1.4% per year over the last three years. Canadian Imperial Bank of Commerce has a payout ratio of 59.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $8.87 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 58.6%.

Canadian Imperial Bank of Commerce (CM) opened at 88.15 on Friday. The company has a market cap of $38.43 billion, a PE ratio of 10.03 and a beta of 1.08. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The firm’s 50-day moving average price is $85.56 and its 200-day moving average price is $83.58.

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Several equities research analysts have recently weighed in on CM shares. Zacks Investment Research raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Thursday, June 1st. Canaccord Genuity started coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 18th. They issued a “buy” rating for the company. BidaskClub cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, TD Securities raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $120.00 price target for the company in a research note on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $101.80.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

Dividend History for Canadian Imperial Bank of Commerce (NYSE:CM)

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