Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been assigned a consensus recommendation of “Moderate Buy” from the eight analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $92.00.

Several research analysts have recently issued reports on the stock. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Thursday.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 256,164 shares of the bank’s stock valued at $12,180,000 after purchasing an additional 30,450 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Canadian Imperial Bank of Commerce by 4.6% in the second quarter. Envestnet Asset Management Inc. now owns 794,362 shares of the bank’s stock valued at $37,764,000 after buying an additional 34,573 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1,014.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 84,742 shares of the bank’s stock valued at $4,029,000 after buying an additional 77,137 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Canadian Imperial Bank of Commerce by 10.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,950,107 shares of the bank’s stock valued at $140,264,000 after buying an additional 280,994 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Canadian Imperial Bank of Commerce by 279.6% during the second quarter. Renaissance Technologies LLC now owns 154,499 shares of the bank’s stock worth $7,343,000 after acquiring an additional 113,800 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.0 %

Shares of CM opened at $63.60 on Friday. The stock’s fifty day simple moving average is $64.15 and its 200-day simple moving average is $59.68. The firm has a market capitalization of $59.94 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.67 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $43.86 and a 12-month high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be paid a $0.6912 dividend. This represents a $2.76 annualized dividend and a yield of 4.35%. The ex-dividend date is Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.22%.

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.