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

Key Points

• Analysts assign CIBC a “Moderate Buy” consensus: Five of nine analysts recommend buying the stock, while four rate it a hold. The average 12-month price target is $167.
• CIBC reported quarterly EPS of $1.86, exceeding the $1.78 analyst estimate, while revenue rose 14% year over year to $5.89 billion.
• The bank declared a quarterly dividend of $1.07 per share, equivalent to an annualized $4.28 payout and a 3.5% yield; institutional investors own 49.88% of the stock.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM has been assigned a consensus recommendation of "Moderate Buy" from the nine brokerages that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $167.00.

A number of analysts have recently weighed in on CM shares. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, July 31st. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday. Jefferies Financial Group reissued a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th.

Canadian Imperial Bank of Commerce Trading Down 0.0%

NYSE CM opened at $123.73 on Monday. The firm has a market capitalization of $112.94 billion, a PE ratio of 17.00, a P/E/G ratio of 1.34 and a beta of 1.01. The stock's 50 day moving average is $116.34 and its 200 day moving average is $107.47. Canadian Imperial Bank of Commerce has a twelve month low of $72.57 and a twelve month high of $123.76. 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 (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The business had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm's quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.05 earnings per share. Research analysts forecast that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 42.58%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $262,000. EverSource Wealth Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after purchasing an additional 193 shares during the last quarter. Brown Advisory Inc. grew its position in Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after purchasing an additional 160 shares during the last quarter. Qube Research & Technologies Ltd increased its stake in Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock valued at $23,833,000 after purchasing an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock valued at $210,000 after purchasing an additional 2,926 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

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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