Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $92.00

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM has earned a consensus rating of "Moderate Buy" from the six analysts that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $92.00.

CM has been the subject of several analyst reports. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Wednesday. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded up $0.63 on Tuesday, reaching $63.70. 510,259 shares of the company's stock were exchanged, compared to its average volume of 1,133,510. The stock has a fifty day simple moving average of $58.11 and a 200-day simple moving average of $61.61. Canadian Imperial Bank of Commerce has a 52 week low of $46.99 and a 52 week high of $67.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $59.89 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were issued a $0.6723 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.22%. Canadian Imperial Bank of Commerce's payout ratio is currently 48.03%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $570,477,000. Capital International Investors purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $424,386,000. FIL Ltd lifted its position in Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock valued at $783,613,000 after purchasing an additional 4,321,451 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Canadian Imperial Bank of Commerce by 37.3% in the 4th quarter. JPMorgan Chase & Co. now owns 8,043,106 shares of the bank's stock worth $508,566,000 after buying an additional 2,185,262 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock worth $431,952,000 after buying an additional 1,990,520 shares during the last quarter. Institutional investors 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.