Canadian Imperial Bank of Commerce (NYSE:CM) Given New $102.00 Price Target at BMO Capital Markets

Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM had its target price increased by BMO Capital Markets from $98.00 to $102.00 in a report published on Friday,Benzinga reports. BMO Capital Markets currently has an outperform rating on the bank's stock.

Several other analysts also recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock traded up $0.08 during midday trading on Friday, hitting $67.94. 897,899 shares of the company's stock were exchanged, compared to its average volume of 1,126,254. Canadian Imperial Bank of Commerce has a 12-month low of $46.99 and a 12-month high of $69.88. 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 stock has a market cap of $63.87 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06. The firm's 50 day simple moving average is $61.57 and its 200 day simple moving average is $61.97.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the firm posted $1.75 EPS. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

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

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CM. JPMorgan Chase & Co. grew its holdings in Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock valued at $359,320,000 after purchasing an additional 334,545 shares during the period. Fifth Third Bancorp grew its stake in Canadian Imperial Bank of Commerce by 5.7% during the fourth quarter. Fifth Third Bancorp now owns 4,971 shares of the bank's stock worth $314,000 after buying an additional 270 shares during the period. Blue Trust Inc. grew its stake in Canadian Imperial Bank of Commerce by 132.0% during the fourth quarter. Blue Trust Inc. now owns 1,698 shares of the bank's stock worth $104,000 after buying an additional 966 shares during the period. Crews Bank & Trust purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $25,000. Finally, Mediolanum International Funds Ltd purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $2,935,000. Institutional investors and hedge funds own 49.88% of the company's stock.

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.