Canadian Imperial Bank of Commerce (NYSE:CM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $81.00.

A number of analysts have recently issued reports on CM shares. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently added to or reduced their stakes in CM. Gulf International Bank UK Ltd lifted its stake in Canadian Imperial Bank of Commerce by 3.8% in the first quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock valued at $324,000 after buying an additional 236 shares during the period. Simplicity Wealth LLC raised its stake in Canadian Imperial Bank of Commerce by 3.9% during the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after buying an additional 240 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Canadian Imperial Bank of Commerce by 4.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after acquiring an additional 300 shares during the period. Bleakley Financial Group LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock valued at $315,000 after acquiring an additional 314 shares in the last quarter. Finally, Lantz Financial LLC raised its holdings in Canadian Imperial Bank of Commerce by 7.1% during the second quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock worth $277,000 after buying an additional 385 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Up 0.9 %

CM opened at $61.45 on Monday. The firm’s fifty day simple moving average is $53.11 and its 200 day simple moving average is $50.27. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $61.55. The stock has a market capitalization of $57.95 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.85 and a beta of 1.07. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. Canadian Imperial Bank of Commerce’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.14 earnings per share. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.24%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

Canadian Imperial Bank of Commerce Company Profile

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.