Canadian Imperial Bank of Commerce (NYSE:CM) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Canadian Imperial Bank of Commerce has a consensus analyst rating of "Moderate Buy" from eight brokerages, with five buy ratings and three holds. The average 12-month target price is $107.50.
• The bank recently posted strong quarterly results, reporting EPS of $1.99 versus expectations of $1.74 and revenue of $6.16 billion versus $5.53 billion expected. Revenue rose 15.3% year over year.
• CIBC also paid a quarterly dividend of $1.07 per share, implying an annualized yield of 3.9%. The company’s payout ratio stands at 45.77%.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have received an average rating of "Moderate Buy" from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $107.50.

A number of research firms recently commented on CM. Barclays upgraded Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. Scotiabank reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, April 17th. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 1.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank's stock worth $880,000 after acquiring an additional 114 shares during the last quarter. Sivia Capital Partners LLC lifted its holdings in Canadian Imperial Bank of Commerce by 3.1% in the fourth quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank's stock worth $347,000 after acquiring an additional 116 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 3.5% in the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock worth $272,000 after acquiring an additional 116 shares during the last quarter. McIlrath & Eck LLC lifted its holdings in Canadian Imperial Bank of Commerce by 7.1% in the fourth quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank's stock worth $175,000 after acquiring an additional 128 shares during the last quarter. Finally, Bridgewater Advisors Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 4.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank's stock worth $311,000 after acquiring an additional 138 shares during the last quarter. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $110.00 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $63.44 and a 1 year high of $113.28. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02. The stock's 50 day moving average price is $101.71 and its 200 day moving average price is $94.19. The firm has a market cap of $101.01 billion, a P/E ratio of 16.03, a PEG ratio of 1.13 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping the consensus estimate of $1.74 by $0.25. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company's revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.20 earnings per share. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.57 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th were issued a $1.07 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 45.77%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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