Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Canadian Imperial Bank of Commerce has a consensus analyst rating of “Moderate Buy” from seven covering firms, with four buy ratings and three hold ratings. The average 1-year price target is $167.
• The bank recently reported better-than-expected quarterly results, posting earnings of $1.86 per share versus estimates of $1.78, on revenue of $5.89 billion. Revenue rose 14% year over year.
• CIBC also announced a quarterly dividend of $1.07 per share, implying an annualized yield of about 3.6%. The dividend payout ratio is 42.58%.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM has earned a consensus recommendation of "Moderate Buy" from the seven research firms that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $167.00.

Several brokerages have commented on CM. Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Jefferies Financial Group restated a "hold" rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Royal Bank Of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an "outperform" rating in a research note on Monday, June 1st. Raymond James Financial reiterated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, July 15th.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently bought and sold shares of CM. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $958,383,000. Mackenzie Financial Corp boosted its holdings in shares of Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock worth $986,173,000 after purchasing an additional 4,419,968 shares during the period. FIL Ltd grew its position in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank's stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Canadian Imperial Bank of Commerce by 24.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank's stock valued at $808,281,000 after purchasing an additional 1,720,220 shares in the last quarter. Finally, Morgan Stanley increased its stake in Canadian Imperial Bank of Commerce by 39.5% in the 4th quarter. Morgan Stanley now owns 4,988,745 shares of the bank's stock valued at $452,030,000 after buying an additional 1,412,363 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 0.4%

Shares of NYSE CM opened at $117.83 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12 month low of $71.00 and a 12 month high of $122.50. The company has a market cap of $107.56 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.27 and a beta of 1.02. The business has a fifty day simple moving average of $113.82 and a 200-day simple moving average of $104.20.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analysts' expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce's revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the business posted $2.05 EPS. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 42.58%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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