Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Rating of “Moderate Buy” from Brokerages

by · The Markets Daily

Shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) have been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $81.00.

Several research firms have commented on CM. BMO Capital Markets boosted 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. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd.

View Our Latest Research Report on CM

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Securities Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $64,000. Dimensional Fund Advisors LP boosted its holdings in Canadian Imperial Bank of Commerce by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,633,362 shares of the bank’s stock valued at $126,769,000 after purchasing an additional 80,664 shares during the period. Principal Financial Group Inc. grew its position in Canadian Imperial Bank of Commerce by 47.0% in the 4th quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock worth $3,305,000 after purchasing an additional 21,833 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.0% during the 4th quarter. Avantax Advisory Services Inc. now owns 17,857 shares of the bank’s stock worth $860,000 after purchasing an additional 522 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Canadian Imperial Bank of Commerce by 4.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $61.68 on Monday. The firm has a market cap of $58.17 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 1.85 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $62.01. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $54.38 and a 200 day simple moving average of $50.70.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the company earned $1.14 EPS. The firm’s revenue was up 12.9% on a year-over-year basis. As a group, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.23%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

Canadian Imperial Bank of Commerce Company Profile

(Get Free Report

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.

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