Shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) saw unusually-high trading volume on Friday . 5,284,930 shares traded hands during mid-day trading, an increase of 297% from the previous session’s volume of 1,332,419 shares.The stock last traded at $114.5620 and had previously closed at $114.37.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Royal Bank Of Canada lifted their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $167.00.
Get Our Latest Analysis on Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce Stock Performance
Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping 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 business had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter in the prior year, the company earned $2.05 earnings per share. The business’s revenue was up 14.0% compared to the same quarter last year. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.
Canadian Imperial Bank of Commerce Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be paid a $1.07 dividend. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 43.13%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after acquiring an additional 876,974 shares in the last quarter. Canerector Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after acquiring an additional 22,042,000 shares in the last quarter. FIL Ltd increased its holdings in shares of Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after acquiring an additional 2,643,495 shares in the last quarter. Bank of Nova Scotia raised its position in shares of Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after purchasing an additional 57,210 shares during the last quarter. Finally, Cibc World Market Inc. boosted its stake in Canadian Imperial Bank of Commerce by 1.3% in the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock worth $1,088,243,000 after purchasing an additional 158,634 shares in the last quarter. Institutional investors 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.
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