Canadian Imperial Bank of Commerce (NYSE:CM) Price Target Raised to $116.00

Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM had its price objective boosted by Royal Bank of Canada from $108.00 to $116.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the bank's stock.

Other equities analysts also recently issued research reports about the stock. National Bank Financial downgraded shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a report on Saturday, May 24th. Finally, Jefferies Financial Group downgraded 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. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Up 0.1%

Shares of CM stock traded up $0.08 during mid-day trading on Friday, hitting $67.94. 897,899 shares of the stock traded hands, compared to its average volume of 1,126,254. The stock has a market cap of $63.87 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.62 and a beta of 1.06. The stock's fifty day moving average is $61.57 and its two-hundred day moving average is $61.99. Canadian Imperial Bank of Commerce has a 52-week low of $46.99 and a 52-week high of $69.88. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.34 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%. The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 earnings per share. 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 firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be given a dividend of $0.7024 per share. The ex-dividend date 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 yield of 4.14%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.28%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently bought and sold shares of CM. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $25,000. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $26,000. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $29,000. TruNorth Capital Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after purchasing an additional 312 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $30,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.