Scotiabank Issues Positive Forecast for Canadian Imperial Bank of Commerce (TSE:CM) Stock Price

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price target raised by Scotiabank from C$85.00 to C$108.00 in a research report report published on Monday,BayStreet.CA reports.

CM has been the topic of several other research reports. Desjardins lifted their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research report on Friday, August 30th. TD Securities increased their target price on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research report on Friday, November 15th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and lifted their price target for the stock from C$75.00 to C$83.00 in a report on Friday, August 30th. Finally, National Bankshares increased their price objective on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$87.17.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at C$91.42 on Monday. The company has a 50 day moving average price of C$85.87 and a 200-day moving average price of C$74.84. Canadian Imperial Bank of Commerce has a fifty-two week low of C$51.60 and a fifty-two week high of C$92.17. The stock has a market capitalization of C$86.39 billion, a PE ratio of 13.23, a PEG ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The company had revenue of C$6.60 billion during the quarter, compared to analyst estimates of C$6.31 billion. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.94%. Canadian Imperial Bank of Commerce’s payout ratio is currently 52.10%.

Insider Transactions at Canadian Imperial Bank of Commerce

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. Also, Director Harry Kenneth Culham sold 800 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of C$83.20, for a total transaction of C$66,560.00. Insiders have sold 203,057 shares of company stock worth $16,823,249 over the last quarter. 0.02% of the stock is currently owned by insiders.

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.