Canaccord Genuity Group Cuts Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$92.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price target cut by Canaccord Genuity Group from C$93.00 to C$92.00 in a research note released on Monday,BayStreet.CA reports.

CM has been the topic of a number of other research reports. Royal Bank of Canada set a C$108.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock an “outperform” rating in a research note on Monday, March 17th. National Bankshares lowered their target price on Canadian Imperial Bank of Commerce from C$101.00 to C$95.00 and set an “outperform” rating for the company in a report on Monday, April 7th. Scotiabank reduced their price objective on shares of Canadian Imperial Bank of Commerce from C$114.00 to C$95.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. TD Securities cut their price objective on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$99.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, UBS Group decreased their price target on shares of Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a research note on Friday, February 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$94.31.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at C$91.56 on Monday. The stock has a market cap of C$85.66 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 1 year low of C$64.47 and a 1 year high of C$95.50. The firm’s 50-day moving average is C$83.00 and its two-hundred day moving average is C$87.42.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date of this dividend was Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.55%.

Insiders Place Their Bets

In other news, Senior Officer Sandy Sharman sold 1,027 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of C$81.27, for a total transaction of C$83,464.29. Corporate insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.