Canadian Imperial Bank of Commerce (NYSE:CM) Receives $67.00 Average Target Price from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average recommendation of “Hold” by the nine analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $67.00.

CM has been the topic of several analyst reports. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, May 31st. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. UBS Group began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Finally, StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th.

Canadian Imperial Bank of Commerce Stock Down 1.5 %

CM opened at $49.77 on Friday. The stock has a market capitalization of $46.94 billion, a P/E ratio of 10.24, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $52.03. The business’s 50-day simple moving average is $49.07 and its 200-day simple moving average is $48.25.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Friday, June 28th were given a $0.653 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.61 annualized dividend and a dividend yield of 5.25%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.32%.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $29,000. Glassman Wealth Services raised its position in shares of Canadian Imperial Bank of Commerce by 57.5% in the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after buying an additional 253 shares during the last quarter. Janiczek Wealth Management LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 34.9% during the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares during the period. EverSource Wealth Advisors LLC boosted its position in Canadian Imperial Bank of Commerce by 574.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after acquiring an additional 908 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $51,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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.