Canadian Imperial Bank of Commerce (NYSE:CM) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM issued its quarterly earnings results on Thursday. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.10, Zacks reports. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.01% and a net margin of 11.10%. The business's revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.75 earnings per share.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $0.08 during mid-day trading on Friday, reaching $67.94. 897,899 shares of the company were exchanged, compared to its average volume of 1,126,254. Canadian Imperial Bank of Commerce has a twelve month low of $46.99 and a twelve month high of $69.88. The firm's 50-day simple moving average is $61.57 and its two-hundred day simple moving average is $61.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $63.87 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be given a $0.7024 dividend. The ex-dividend date of this dividend is Friday, June 27th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.14%. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.28%.

Analyst Ratings Changes

A number of research firms have weighed in on CM. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday. Royal Bank of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of "Moderate Buy" and an average target price of $109.00.

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.