Canadian Imperial Bank of Commerce (NYSE:CM) Plans Quarterly Dividend of $0.65

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, August 29th, Zacks reports. Investors of record on Friday, September 27th will be paid a dividend of 0.652 per share by the bank on Monday, October 28th. This represents a $2.61 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Friday, September 27th.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 6.1% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 47.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $5.59 per share next year, which means the company should continue to be able to cover its $2.65 annual dividend with an expected future payout ratio of 47.4%.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $62.00 on Thursday. The firm’s 50 day moving average is $54.84 and its two-hundred day moving average is $50.90. The firm has a market capitalization of $58.56 billion, a P/E ratio of 12.76, a PEG ratio of 1.86 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $62.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CM shares. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, August 30th. UBS Group started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average target price of $81.00.

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.