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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced its earnings results on Thursday. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08, Zacks reports. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the firm earned $1.91 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% compared to the same quarter last year.

Canadian Imperial Bank of Commerce Stock Up 4.4%

Shares of CM stock opened at $90.62 on Friday. The company’s fifty day simple moving average is $83.22 and its two-hundred day simple moving average is $76.45. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $90.78. The stock has a market cap of $84.16 billion, a P/E ratio of 15.31, a PEG ratio of 1.24 and a beta of 1.02. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th will be issued a $1.07 dividend. The ex-dividend date is Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.7%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is presently 47.64%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CM. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Royal Bank Of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Finally, Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $107.50.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several large investors have recently made changes to their positions in CM. Amundi boosted its stake in Canadian Imperial Bank of Commerce by 2.3% during the third quarter. Amundi now owns 2,296,662 shares of the bank’s stock valued at $187,784,000 after buying an additional 52,520 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Canadian Imperial Bank of Commerce by 10.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,619,224 shares of the bank’s stock worth $129,419,000 after acquiring an additional 153,442 shares during the last quarter. Two Sigma Investments LP raised its holdings in shares of Canadian Imperial Bank of Commerce by 136.2% during the 3rd quarter. Two Sigma Investments LP now owns 1,040,688 shares of the bank’s stock worth $83,141,000 after acquiring an additional 600,183 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Canadian Imperial Bank of Commerce by 2.5% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 769,424 shares of the bank’s stock valued at $61,190,000 after acquiring an additional 18,750 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 5.9% in the third quarter. Northern Trust Corp now owns 749,130 shares of the bank’s stock valued at $59,848,000 after purchasing an additional 41,569 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

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.