Canadian Imperial Bank of Commerce (NYSE:CM) Increases Dividend to $0.97 Per Share

Key Points

• The Canadian Imperial Bank of Commerce has increased its quarterly dividend to $0.97 per share, marking a 38.1% increase from the previous quarterly dividend of $0.70.
• The bank's dividend yield is currently 5.2%, and it has a payout ratio of 46.3%, indicating strong earnings coverage for its dividends.
• In its latest quarterly earnings report, the bank exceeded analysts' expectations with an earnings per share (EPS) of $1.57, surpassing the consensus estimate by $0.17.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM announced a quarterly dividend on Thursday, August 28th, RTT News reports. Stockholders of record on Monday, September 29th will be paid a dividend of 0.97 per share by the bank on Tuesday, October 28th. This represents a c) annualized dividend and a dividend yield of 5.2%. This is a 38.1% increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70.

Canadian Imperial Bank of Commerce has a payout ratio of 46.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 46.8%.

Canadian Imperial Bank of Commerce Stock Performance

CM opened at $75.26 on Thursday. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $75.73. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. The stock has a market cap of $69.96 billion, a PE ratio of 13.23, a P/E/G ratio of 1.62 and a beta of 1.06. The stock's 50 day simple moving average is $72.39 and its 200-day simple moving average is $65.33.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

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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