Canadian Imperial Bank of Commerce (NYSE:CM) Receives $167.00 Consensus Price Target from Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have earned an average rating of “Moderate Buy” from the seven brokerages that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $167.00.

Several equities research analysts recently commented on CM shares. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Scotiabank downgraded shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Monday. Finally, Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, May 22nd.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $108.99 on Wednesday. The firm’s fifty day moving average price is $107.14 and its 200 day moving average price is $98.20. Canadian Imperial Bank of Commerce has a 1-year low of $67.46 and a 1-year high of $117.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $99.49 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 1.17 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period last year, the company posted $2.05 earnings per share. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 43.13%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 7.0% during the 1st quarter. Parallel Advisors LLC now owns 3,994 shares of the bank’s stock valued at $378,000 after acquiring an additional 261 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 5,304.9% during the 1st quarter. NewEdge Advisors LLC now owns 2,216 shares of the bank’s stock valued at $210,000 after acquiring an additional 2,175 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Canadian Imperial Bank of Commerce by 0.5% during the 1st quarter. Bank of America Corp DE now owns 2,726,487 shares of the bank’s stock valued at $258,335,000 after acquiring an additional 13,250 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Canadian Imperial Bank of Commerce by 9.5% during the 1st quarter. Janus Henderson Group PLC now owns 214,595 shares of the bank’s stock valued at $20,303,000 after acquiring an additional 18,625 shares during the last quarter. Finally, Smith Group Asset Management LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 4.9% during the 1st quarter. Smith Group Asset Management LLC now owns 88,020 shares of the bank’s stock valued at $8,340,000 after acquiring an additional 4,080 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.