Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) PT at $167.00

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has received a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $167.00.

Several equities research analysts have recently issued reports on CM shares. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Finally, Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th.

Canadian Imperial Bank of Commerce Trading Up 0.7%

NYSE:CM opened at $118.24 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50-day simple moving average is $114.15 and its 200-day simple moving average is $104.74. Canadian Imperial Bank of Commerce has a fifty-two week low of $71.00 and a fifty-two week high of $122.50. The stock has a market capitalization of $107.94 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period in the prior year, the business earned $2.05 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.0% compared to the same quarter last year. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be issued a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 42.58%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently bought and sold shares of CM. EFG International AG bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $35,000. Larson Financial Group LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares in the last quarter. Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $37,000. Global Assets Advisory LLC acquired a new position in Canadian Imperial Bank of Commerce during the first quarter worth $54,000. Finally, Parkside Financial Bank & Trust boosted its holdings in Canadian Imperial Bank of Commerce by 2,758.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock worth $75,000 after purchasing an additional 800 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.