Canadian Imperial Bank of Commerce (NYSE:CM) Posts Quarterly Earnings Results

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) posted its earnings results on Thursday. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08, Zacks reports. 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 15.06% and a net margin of 13.57%.The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.91 earnings per share.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $91.22 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $84.72 billion, a price-to-earnings ratio of 14.98, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The firm’s fifty day moving average price is $83.43 and its 200 day moving average price is $76.62. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $91.47.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be given a $1.07 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date is Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.7%. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Danske Bank A S acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $1,650,000. CANADA LIFE ASSURANCE Co boosted its holdings in Canadian Imperial Bank of Commerce by 2.5% in the third quarter. CANADA LIFE ASSURANCE Co now owns 769,424 shares of the bank’s stock valued at $61,190,000 after acquiring an additional 18,750 shares during the last quarter. PharVision Advisers LLC acquired a new stake in Canadian Imperial Bank of Commerce in the third quarter worth about $374,000. United Capital Financial Advisors LLC bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $212,000. Finally, Utah Retirement Systems raised its holdings in Canadian Imperial Bank of Commerce by 0.5% during the 3rd quarter. Utah Retirement Systems now owns 105,375 shares of the bank’s stock worth $8,422,000 after purchasing an additional 520 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research reports. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reaffirmed 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 price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Finally, Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Company Profile

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.