Canadian Imperial Bank of Commerce (NYSE:CM) Receives $81.00 Average Target Price from Analysts

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

Several research firms have commented on CM. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. 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. Finally, StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $64.64 on Tuesday. The firm has a market cap of $61.06 billion, a P/E ratio of 12.70, a PEG ratio of 1.83 and a beta of 1.06. Canadian Imperial Bank of Commerce has a twelve month low of $37.25 and a twelve month high of $64.79. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day moving average price is $61.27 and its two-hundred day moving average price is $53.59.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the previous year, the firm posted $1.14 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.03%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.46%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Massmutual Trust Co. FSB ADV raised its position in Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares in the last quarter. PDS Planning Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 4.7% during the 3rd quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock valued at $305,000 after purchasing an additional 224 shares during the last quarter. Simplicity Wealth LLC increased its position 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 purchasing an additional 240 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock valued at $315,000 after purchasing an additional 314 shares during the last quarter. Finally, First Bank & Trust boosted its position in Canadian Imperial Bank of Commerce by 0.8% in the third quarter. First Bank & Trust now owns 41,646 shares of the bank’s stock valued at $2,555,000 after buying an additional 351 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

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.