Canadian Imperial Bank of Commerce (TSE:CM) Posts Quarterly Earnings Results

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) announced its quarterly earnings results on Thursday. The company reported C$2.76 earnings per share (EPS) for the quarter, FiscalAI reports. The company had revenue of C$8.40 billion for the quarter. Canadian Imperial Bank of Commerce had a net margin of 27.87% and a return on equity of 12.61%.

Canadian Imperial Bank of Commerce Stock Up 3.5%

CM traded up C$4.76 during trading on Thursday, reaching C$142.61. The company’s stock had a trading volume of 1,376,034 shares, compared to its average volume of 2,541,206. The company has a market cap of C$132.14 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 3.03 and a beta of 1.26. The firm has a fifty day simple moving average of C$128.70 and a two-hundred day simple moving average of C$119.06. Canadian Imperial Bank of Commerce has a 1 year low of C$76.17 and a 1 year high of C$143.80.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Wednesday, January 28th were issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, December 29th. 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 45.27%.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, insider Frank Guse sold 5,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of C$127.16, for a total transaction of C$635,800.00. Following the completion of the sale, the insider directly owned 1,359 shares in the company, valued at C$172,810.44. This trade represents a 78.63% decrease in their ownership of the stock. 0.02% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Desjardins boosted their price target on Canadian Imperial Bank of Commerce from C$135.00 to C$139.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Canaccord Genuity Group raised their target price on Canadian Imperial Bank of Commerce from C$129.00 to C$136.00 and gave the company a “hold” rating in a research note on Thursday, February 12th. Scotiabank upped their price objective on shares of Canadian Imperial Bank of Commerce from C$133.00 to C$138.00 in a research note on Friday, January 9th. Raymond James Financial increased their target price on shares of Canadian Imperial Bank of Commerce from C$122.00 to C$135.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 17th. Finally, Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from C$131.00 to C$134.00 and gave the company an “outperform” rating in a report on Monday, January 5th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$135.40.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.