Desjardins Increases Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$83.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price target boosted by Desjardins from C$77.00 to C$83.00 in a report released on Friday, BayStreet.CA reports. The brokerage currently has a buy rating on the stock. Desjardins also issued estimates for Canadian Imperial Bank of Commerce’s FY2024 earnings at $7.15 EPS and FY2025 earnings at $7.45 EPS.

Several other equities research analysts also recently commented on CM. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a research note on Monday, June 3rd. Jefferies Financial Group reduced their target price on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a buy rating for the company in a report on Monday, August 12th. Cormark set a C$72.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a market perform rating in a report on Tuesday, August 20th. Royal Bank of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from C$68.00 to C$69.00 and gave the stock a sector perform rating in a report on Friday, May 31st. Finally, National Bankshares raised their target price on shares of Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the stock an outperform rating in a report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of C$79.15.

Canadian Imperial Bank of Commerce Stock Performance

Shares of TSE:CM opened at C$78.76 on Friday. The firm has a market cap of C$74.27 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 3.01 and a beta of 1.12. The firm’s 50 day simple moving average is C$69.53 and its 200-day simple moving average is C$67.29. Canadian Imperial Bank of Commerce has a one year low of C$47.44 and a one year high of C$79.62.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings data on Thursday, May 30th. The company reported C$1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.66 by C$0.09. The firm had revenue of C$6.16 billion for the quarter, compared to the consensus estimate of C$6.11 billion. Canadian Imperial Bank of Commerce had a net margin of 29.25% and a return on equity of 11.92%. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 7.3207171 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a $0.90 dividend. The ex-dividend date is Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.57%. Canadian Imperial Bank of Commerce’s payout ratio is 54.96%.

Insider Activity

In other news, Senior Officer John Hountalas sold 20,808 shares of the firm’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. In related news, Senior Officer John Hountalas sold 20,808 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. Also, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. Company insiders own 0.02% of the company’s stock.

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.