Citigroup Trims Canadian Imperial Bank of Commerce (TSE:CM) Target Price to C$115.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price target reduced by Citigroup from C$120.00 to C$115.00 in a research report released on Monday, BayStreet.CA reports.

Other equities research analysts have also recently issued reports about the company. Desjardins cut Canadian Imperial Bank of Commerce from a buy rating to a hold rating and lowered their price objective for the stock from C$125.00 to C$118.00 in a report on Thursday, May 23rd. Eight Capital lowered their price objective on Canadian Imperial Bank of Commerce from C$119.00 to C$107.00 in a report on Wednesday, August 14th. TD Securities cut Canadian Imperial Bank of Commerce from a buy rating to a hold rating and lowered their price objective for the stock from C$135.00 to C$120.00 in a report on Thursday, May 23rd. CSFB lowered their price objective on Canadian Imperial Bank of Commerce from C$106.00 to C$105.00 in a report on Friday, September 6th. Finally, National Bank Financial lowered their price objective on Canadian Imperial Bank of Commerce from C$115.00 to C$110.00 and set a sector perform rating on the stock in a report on Friday, August 23rd. Seven investment analysts have rated the stock with a hold rating, The company has an average rating of Hold and a consensus target price of C$115.00.

CM stock opened at C$107.53 on Monday. Canadian Imperial Bank of Commerce has a 12-month low of C$97.55 and a 12-month high of C$125.21. The stock has a market cap of $47.57 billion and a price-to-earnings ratio of 9.42. The business’s 50-day moving average is C$101.83 and its 200 day moving average is C$106.39.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $1.44 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.40. This represents a $5.76 annualized dividend and a dividend yield of 5.36%. The ex-dividend date is Thursday, September 26th. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.38%.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Analyst Recommendations for Canadian Imperial Bank of Commerce (TSE:CM)

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