Canadian Imperial Bank of Commerce (NYSE:CM) Declares Dividend Increase - $0.70 Per Share

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM announced a quarterly dividend on Friday, May 30th, Wall Street Journal reports. Shareholders of record on Friday, June 27th will be paid a dividend of 0.7024 per share by the bank on Monday, July 28th. This represents a $2.81 annualized dividend and a dividend yield of 4.14%. The ex-dividend date is Friday, June 27th. This is a 4.5% increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67.

Canadian Imperial Bank of Commerce has raised its dividend payment by an average of 7.0% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 46.3% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

CM stock traded up $0.08 on Friday, reaching $67.94. The company had a trading volume of 897,899 shares, compared to its average volume of 1,126,254. The company's fifty day moving average is $61.57 and its 200 day moving average is $61.99. The company has a market cap of $63.87 billion, a P/E ratio of 12.70, a PEG 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. 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 quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.01% and a net margin of 11.10%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the company earned $1.75 earnings per share. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Analysts Set New Price Targets

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