Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of “Moderate Buy” by Analysts

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $89.00.

Several analysts have weighed in on CM shares. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $97.00 price target (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, December 6th. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report 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 research report on Friday, August 30th.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently modified their holdings of the business. Toronto Dominion Bank raised its position in Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after acquiring an additional 900,575 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares during the period. Ritholtz Wealth Management raised its holdings in shares of Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its position in Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.1 %

NYSE:CM opened at $64.37 on Wednesday. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $64.23 and a 200-day moving average price of $57.44. The stock has a market cap of $60.80 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.78 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a dividend of $0.6912 per share. The ex-dividend date is Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.29%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 53.46%.

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.