BMO Capital Markets Issues Positive Forecast for Canadian Imperial Bank of Commerce (NYSE:CM) Stock Price

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

A number of other brokerages have also issued reports on CM. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Royal Bank of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Finally, Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM traded up $0.01 during mid-day trading on Friday, reaching $67.76. 931,372 shares of the stock were exchanged, compared to its average volume of 1,126,386. The company has a market capitalization of $63.70 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.62 and a beta of 1.06. 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 business's 50 day moving average is $61.76 and its 200-day moving average is $62.00. Canadian Imperial Bank of Commerce has a 1 year low of $46.99 and a 1 year high of $69.88.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analysts' expectations 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 company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm earned $1.75 EPS. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Stockholders 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 positive change 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 4.15%. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.28%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Crews Bank & Trust purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $25,000. Operose Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $26,000. HM Payson & Co. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth about $29,000. TruNorth Capital Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 49.88% of the company's stock.

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.