Canadian Imperial Bank of Commerce (NYSE:CM) Plans C$1.07 Quarterly Dividend

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Wednesday, February 25th. Stockholders of record on Friday, March 27th will be paid a dividend of 1.07 per share by the bank on Tuesday, April 28th. This represents a c) annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, March 27th.

Canadian Imperial Bank of Commerce has raised its dividend payment by an average of 0.0%annually over the last three years and has increased its dividend every year for the last 14 years. Canadian Imperial Bank of Commerce has a payout ratio of 50.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $3.06 annual dividend with an expected future payout ratio of 51.2%.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $103.65 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $105.00. The stock has a market capitalization of $96.05 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 1.31 and a beta of 1.02. The stock’s fifty day moving average is $94.05 and its two-hundred day moving average is $86.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.08. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.91 EPS. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. American Century Companies Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 10.8% in the 2nd quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after buying an additional 33,908 shares in the last quarter. Legal & General Group Plc grew its position in shares of Canadian Imperial Bank of Commerce by 4.4% during the 2nd quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock worth $438,056,000 after buying an additional 262,675 shares during the period. Westerkirk Capital Inc. acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $3,379,000. AGF Management Ltd. boosted its stake in Canadian Imperial Bank of Commerce by 15.2% in the second quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock valued at $62,908,000 after acquiring an additional 116,190 shares during the last quarter. Finally, Cumberland Partners Ltd grew its holdings in Canadian Imperial Bank of Commerce by 50.0% during the 2nd quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock worth $1,021,000 after acquiring an additional 4,800 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.