Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $167.00

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned an average recommendation of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $167.00.

A number of research firms have recently commented on CM. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Scotiabank downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Monday, June 1st. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st.

Canadian Imperial Bank of Commerce Trading Up 0.1%

CM opened at $108.99 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $67.46 and a one year high of $117.05. The company has a market cap of $99.49 billion, a P/E ratio of 14.97, a PEG ratio of 1.17 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50-day simple moving average is $107.14 and its 200-day simple moving average is $98.28.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data 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 return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the business posted $2.05 EPS. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company 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 dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 43.13%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CM. CIBC Bancorp USA Inc. acquired a new position in Canadian Imperial Bank of Commerce during the third quarter worth about $11,217,000. Mackenzie Financial Corp raised its holdings in Canadian Imperial Bank of Commerce by 1.1% during the third quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank’s stock worth $509,763,000 after purchasing an additional 67,738 shares during the last quarter. Legal & General Group Plc raised its holdings in Canadian Imperial Bank of Commerce by 2.0% during the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock worth $587,790,000 after purchasing an additional 125,069 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Canadian Imperial Bank of Commerce by 34.8% during the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank’s stock worth $134,760,000 after purchasing an additional 435,799 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in Canadian Imperial Bank of Commerce by 6.5% during the fourth quarter. Intech Investment Management LLC now owns 343,828 shares of the bank’s stock worth $31,211,000 after purchasing an additional 21,078 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.