Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Price Target at $107.50

Key Points

• Analysts have given Canadian Imperial Bank of Commerce (NYSE:CM) an average recommendation of "Moderate Buy", with two holding and three buying ratings.
• The bank recently reported earnings of $1.57 per share, exceeding the expected $1.43, along with a revenue of $5.24 billion for the quarter.
• Canadian Imperial Bank of Commerce has increased its quarterly dividend to $0.97, representing an annualized yield of 5.0%.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have earned a consensus rating of "Moderate Buy" from the five ratings firms that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $107.50.

A number of equities analysts have weighed in on CM shares. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th.

Canadian Imperial Bank of Commerce Trading Up 0.4%

CM stock traded up $0.31 during trading on Monday, reaching $78.75. The company had a trading volume of 312,120 shares, compared to its average volume of 1,194,777. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $78.93. The company has a market cap of $73.20 billion, a P/E ratio of 13.30, a PEG ratio of 1.68 and a beta of 1.03. The business has a 50 day moving average of $73.18 and a 200 day moving average of $65.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a yield of 4.9%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 47.30%.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently bought and sold shares of the company. HM Payson & Co. bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $29,000. TruNorth Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares in the last quarter. Truvestments Capital LLC bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $32,000. Ameritas Advisory Services LLC bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $34,000. Finally, Atlantic Union Bankshares Corp bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $35,000. 49.88% of the stock is currently owned by institutional investors.

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.