Canadian Imperial Bank of Commerce (NYSE:CM) Declares Quarterly Dividend of C$1.07

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, May 28th. Investors of record on Monday, June 29th will be given a dividend of 1.07 per share by the bank on Tuesday, July 28th. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Monday, June 29th.

Canadian Imperial Bank of Commerce has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 51.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Canadian Imperial Bank of Commerce to earn $8.10 per share next year, which means the company should continue to be able to cover its $3.13 annual dividend with an expected future payout ratio of 38.6%.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded down $6.00 during mid-day trading on Thursday, reaching $109.44. The stock had a trading volume of 2,279,080 shares, compared to its average volume of 853,054. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The company has a market cap of $100.49 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 1.21 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $67.28 and a 1 year high of $117.05. The business’s 50 day moving average price is $105.46 and its 200 day moving average price is $97.19.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 earnings per share. Research analysts expect that Canadian Imperial Bank of Commerce will post 7.48 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CM has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, May 22nd. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, May 4th. Finally, Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Company Profile

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.