Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $107.50

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $107.50.

A number of equities research analysts recently weighed in on CM shares. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Finally, Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, October 18th.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $81.54 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $82.23. The company has a 50-day simple moving average of $78.79 and a 200-day simple moving average of $71.38. The company has a market capitalization of $75.79 billion, a PE ratio of 13.77, a P/E/G ratio of 1.72 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same period in the prior year, the business posted $1.93 earnings per share. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.64%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $730,245,000. Goldman Sachs Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 405.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock worth $292,032,000 after purchasing an additional 4,160,938 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after purchasing an additional 4,160,060 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock valued at $595,762,000 after buying an additional 2,538,808 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in shares of Canadian Imperial Bank of Commerce by 51.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after buying an additional 2,425,000 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

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.