Scotiabank Increases Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$85.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price target increased by Scotiabank from C$77.00 to C$85.00 in a research note published on Friday, BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms also recently commented on CM. UBS Group set a C$70.00 target price on shares of Canadian Imperial Bank of Commerce and gave the company a neutral rating in a research report on Tuesday, July 2nd. 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 report on Tuesday, August 13th. TD Securities boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$76.00 to C$83.00 in a research note on Thursday, August 8th. Jefferies Financial Group dropped their target price on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a buy rating on the stock in a research report on Monday, August 12th. Finally, Royal Bank of Canada boosted their price target on Canadian Imperial Bank of Commerce from C$68.00 to C$69.00 and gave the stock a sector perform rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of C$77.50.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

Shares of TSE CM opened at C$78.76 on Friday. Canadian Imperial Bank of Commerce has a twelve month low of C$47.44 and a twelve month high of C$79.62. The firm has a market cap of C$74.27 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 3.01 and a beta of 1.12. The business has a fifty day simple moving average of C$69.26 and a two-hundred day simple moving average of C$67.11.

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

Canadian Imperial Bank of Commerce Dividend Announcement

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

Insiders Place Their Bets

In related news, Senior Officer John Hountalas sold 20,808 shares of the company’s stock in a transaction 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 that occurred on 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 that occurred on Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. 0.02% of the stock is owned by insiders.

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.