Canadian Imperial Bank of Commerce (NYSE:CM) Stock Has Average Target Price of $167.00

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have earned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $160.00.

Several brokerages recently weighed in on CM. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 27th. Keefe, Bruyette & Woods began coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a “market perform” rating on the stock. Royal Bank Of Canada reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Finally, Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mn Services Vermogensbeheer B.V. boosted its position in Canadian Imperial Bank of Commerce by 1.0% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 270,176 shares of the bank’s stock valued at $29,826,000 after buying an additional 2,700 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 37.3% in the third quarter. Farther Finance Advisors LLC now owns 2,050 shares of the bank’s stock worth $226,000 after buying an additional 557 shares during the last quarter. Fig Financial Advisory Services Inc. ADV bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth $1,682,000. Versant Capital Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Versant Capital Management Inc now owns 6,054 shares of the bank’s stock worth $667,000 after acquiring an additional 215 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 31.3% in the 2nd quarter. QRG Capital Management Inc. now owns 4,288 shares of the bank’s stock valued at $493,000 after purchasing an additional 1,023 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $109.96 on Tuesday. The business’s fifty day simple moving average is $115.22 and its 200-day simple moving average is $112.34. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12-month low of $79.32 and a 12-month high of $124.86. The company has a market cap of $100.38 billion, a PE ratio of 14.68, a PEG ratio of 1.08 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Analysts expect that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be paid a dividend of C$1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 41.26%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC’s principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.