Canadian Imperial Bank of Commerce (NYSE:CM) Receives $107.50 Consensus Price Target from Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has received a consensus rating of “Moderate Buy” from the eight brokerages that are covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $107.50.

CM has been the subject of a number of research analyst reports. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, May 4th. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday. Weiss Ratings cut Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, April 17th. Finally, Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sivia Capital Partners LLC acquired a new position in Canadian Imperial Bank of Commerce in the second quarter worth approximately $262,000. EverSource Wealth Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after acquiring an additional 193 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after acquiring an additional 160 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Canadian Imperial Bank of Commerce by 74.6% in the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock worth $23,833,000 after acquiring an additional 143,588 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 7,315.0% in the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock worth $210,000 after acquiring an additional 2,926 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $111.40 on Friday. The firm has a market capitalization of $102.29 billion, a PE ratio of 16.24, a P/E/G ratio of 1.16 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $102.86 and a 200 day moving average price of $95.34. Canadian Imperial Bank of Commerce has a 52-week low of $65.64 and a 52-week high of $113.28.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The company had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same period in the previous year, the firm earned $2.20 EPS. Canadian Imperial Bank of Commerce’s revenue was up 15.3% on a year-over-year basis. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.49 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were paid a $1.07 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $4.28 annualized dividend and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce’s payout ratio is currently 45.77%.

About Canadian Imperial Bank of Commerce

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.