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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) issued its earnings results on Thursday. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19, Briefing.com reports. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The company had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the prior year, the business earned $1.14 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis.

Canadian Imperial Bank of Commerce Trading Up 1.6 %

CM traded up $0.93 on Friday, hitting $58.44. The company had a trading volume of 1,664,396 shares, compared to its average volume of 1,469,160. The firm has a market cap of $55.11 billion, a P/E ratio of 12.02, a PEG ratio of 1.99 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $59.10. The company’s fifty day moving average price is $50.55 and its 200 day moving average price is $49.16. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.46%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.12%.

Analyst Ratings Changes

CM has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating for the company. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.33.

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.