Canadian Imperial Bank of Commerce (CM) to Issue Quarterly Dividend of $0.70 on July 28th

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Friday, May 30th, Wall Street Journal reports. Shareholders of record on Friday, June 27th will be given a dividend of 0.7024 per share by the bank on Monday, July 28th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date of this dividend is Friday, June 27th. This is a 4.5% increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67.

Canadian Imperial Bank of Commerce has a dividend payout ratio of 46.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 46.8%.

Canadian Imperial Bank of Commerce Trading Up 0.8%

NYSE CM opened at $70.25 on Wednesday. The firm has a market capitalization of $66.04 billion, a PE ratio of 12.35, a P/E/G ratio of 1.51 and a beta of 1.05. The stock’s 50 day moving average is $65.54 and its 200 day moving average is $62.44. Canadian Imperial Bank of Commerce has a twelve month low of $47.11 and a twelve month high of $70.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.34 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.75 earnings per share. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CM shares. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Saturday, May 24th. Royal Bank Of Canada upped their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Finally, Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a “sector outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus price target of $109.00.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.