Canadian Imperial Bank of Commerce (TSE:CM) Upgraded to “Buy” by Cormark

Cormark upgraded shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from a market perform rating to a buy rating in a research report report published on Friday morning, BayStreet.CA reports. Cormark currently has C$83.00 price objective on the stock, up from their prior price objective of C$75.00.

A number of other research firms have also recently weighed in on CM. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an outperform rating in a research report on Friday. Canaccord Genuity Group lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a research report on Tuesday, August 13th. National Bankshares boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an outperform rating in a research note on Friday. UBS Group set a C$70.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a neutral rating in a research note on Tuesday, July 2nd. Finally, Jefferies Financial Group dropped their price target on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a buy rating on the stock in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of C$77.50.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at C$78.76 on Friday. The company has a market cap of C$74.27 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 3.01 and a beta of 1.12. The company has a fifty day moving average price of C$69.26 and a 200 day moving average price of C$67.11. Canadian Imperial Bank of Commerce has a 12 month low of C$47.44 and a 12 month high of C$79.62.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its earnings results on Thursday, May 30th. The company reported C$1.75 EPS for the quarter, beating analysts’ consensus estimates of C$1.66 by C$0.09. Canadian Imperial Bank of Commerce had a net margin of 29.25% and a return on equity of 11.92%. The business had revenue of C$6.16 billion during the quarter, compared to analysts’ expectations of C$6.11 billion. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.3207171 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.57%. Canadian Imperial Bank of Commerce’s payout ratio is 54.96%.

Insider Buying and Selling

In related news, Senior Officer John Hountalas sold 20,808 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of C$65.97, for a total value of C$1,372,672.55. In related news, Senior Officer John Hountalas sold 20,808 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. Also, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. Insiders own 0.02% of the company’s stock.

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.