Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) has earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $167.00.

CM has been the subject of several research analyst reports. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, June 4th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th.

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Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently bought and sold shares of the business. Investment Management Corp of Ontario boosted its stake in shares of Canadian Imperial Bank of Commerce by 38.6% during the fourth quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank’s stock worth $26,345,000 after buying an additional 80,914 shares during the period. Legal & General Group Plc increased its position in Canadian Imperial Bank of Commerce by 2.0% in the 4th quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock valued at $587,790,000 after acquiring an additional 125,069 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $11,217,000. Mackenzie Financial Corp raised its stake in Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank’s stock valued at $509,763,000 after acquiring an additional 67,738 shares during the last quarter. Finally, Intech Investment Management LLC lifted its position in Canadian Imperial Bank of Commerce by 6.5% during the 4th quarter. Intech Investment Management LLC now owns 343,828 shares of the bank’s stock worth $31,211,000 after acquiring an additional 21,078 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.0%

Shares of NYSE:CM opened at $113.85 on Friday. The firm has a 50 day simple moving average of $111.87 and a 200-day simple moving average of $101.80. Canadian Imperial Bank of Commerce has a twelve month low of $71.00 and a twelve month high of $117.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $103.93 billion, a PE ratio of 15.64, a P/E/G ratio of 1.23 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last posted its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating 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 firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same period last year, the firm posted $2.05 EPS. The company’s revenue was up 14.0% on a year-over-year basis. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 42.58%.

About Canadian Imperial Bank of Commerce

(Get Free Report)

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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