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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been given an average rating of “Moderate Buy” by the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $107.50.

Several brokerages have recently issued reports on CM. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating for the company. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th.

Canadian Imperial Bank of Commerce Trading Up 0.2%

CM stock opened at $92.82 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $93.11. The company has a market cap of $86.21 billion, a P/E ratio of 15.24, a PEG ratio of 1.26 and a beta of 1.02. The business has a fifty day moving average of $84.55 and a 200-day moving average of $77.46.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.08. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.91 earnings per share. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 4.6%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date is Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 46.31%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds have recently modified their holdings of the company. Salem Investment Counselors Inc. acquired a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $30,000. Truvestments Capital LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth $32,000. Toth Financial Advisory Corp acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $32,000. AdvisorNet Financial Inc increased its position in shares of Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after buying an additional 300 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after buying an additional 219 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.