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

Key Points

• The Canadian Imperial Bank of Commerce (NYSE:CM) has garnered a consensus rating of "Moderate Buy" from five analyst firms, with an average twelve-month price target of $107.50.
• Following its recent quarterly earnings report, the bank disclosed an upcoming dividend of $0.97 per share, up from the previous $0.70, reflecting a strong performance in the last quarter.
• Several hedge funds, including Vanguard Group Inc. and JPMorgan Chase & Co., have increased their holdings in the bank, indicating positive institutional interest and confidence.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have received an average recommendation of "Moderate Buy" from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $107.50.

CM has been the subject of several recent analyst reports. 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 stock an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Finally, BMO Capital Markets raised their price objective 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.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently added to or reduced their stakes in CM. Vanguard Group Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% during the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank's stock worth $2,939,385,000 after buying an additional 1,382,123 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after buying an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% during the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after buying an additional 2,538,808 shares in the last quarter. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $730,245,000. Finally, CIBC Asset Management Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 2.3% during the second quarter. CIBC Asset Management Inc now owns 9,526,562 shares of the bank's stock worth $675,987,000 after buying an additional 214,180 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.4%

NYSE CM opened at $80.35 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The firm's fifty day moving average price is $75.71 and its 200 day moving average price is $68.09. The company has a market capitalization of $74.69 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 1.74 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $82.09.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS. On average, sell-side analysts expect 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 47.64%.

About Canadian Imperial Bank of Commerce

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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