Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $109.00

Key Points

• Canadian Imperial Bank of Commerce (CIBC) has received a consensus rating of "Moderate Buy" from analysts, with an average 12-month price target of $109.00.
• The bank recently increased its quarterly dividend to $0.7024, reflecting a yield of 3.9%, while maintaining a payout ratio of 49.56%.
• CIBC reported a quarterly revenue of $5.09 billion, surpassing expectations and showing a 13.9% increase from the previous year.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have been given an average recommendation of "Moderate Buy" by the six ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $109.00.

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Friday, July 18th. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Royal Bank Of Canada boosted their price objective 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, May 30th. Finally, BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock valued at $2,251,664,000 after purchasing an additional 642,924 shares during the last quarter. Toronto Dominion Bank lifted its position in Canadian Imperial Bank of Commerce by 1.1% in the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock valued at $1,398,619,000 after buying an additional 234,088 shares during the last quarter. Bank of Nova Scotia boosted its stake in Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after buying an additional 773,174 shares during the period. JPMorgan Chase & Co. increased its position in shares of Canadian Imperial Bank of Commerce by 31.6% during the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after acquiring an additional 2,538,808 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 19.7% in the 2nd quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank's stock valued at $542,697,000 after acquiring an additional 1,244,271 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM traded up $0.68 during trading on Thursday, hitting $72.64. 1,121,051 shares of the stock traded hands, compared to its average volume of 1,181,770. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average price of $70.96 and a two-hundred day moving average price of $64.32. Canadian Imperial Bank of Commerce has a 52-week low of $50.49 and a 52-week high of $74.63. The company has a market cap of $67.67 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 1.57 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The company had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same quarter in the previous year, the company earned $1.75 earnings per share. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities 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 company also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Friday, June 27th were given a dividend of $0.7024 per share. The ex-dividend date was Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 49.56%.

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.