Canadian Imperial Bank of Commerce (TSE:CM) Given Consensus Rating of "Hold" by Brokerages

Key Points

• CIBC has a consensus “Hold” rating from 11 analysts, with six holds and five buys. The average 12-month price target is C$160.95.
• Several brokerages recently raised their price targets, ranging from C$153 to C$180, while maintaining neutral or market-perform ratings.
• Insiders sold 17,776 shares worth about C$2.8 million over the past 90 days. CIBC shares opened at C$171.36, near their 12-month high, and the bank maintains a quarterly dividend equivalent to a 2.5% annual yield.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM has received a consensus recommendation of "Hold" from the eleven research firms that are currently covering the stock, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$160.95.

A number of research firms have recently commented on CM. Jefferies Financial Group lifted their target price on Canadian Imperial Bank of Commerce from C$143.00 to C$153.00 and gave the stock a "hold" rating in a research note on Thursday, August 13th. Scotiabank lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the stock a "sector perform" rating in a research report on Tuesday, June 16th. Raymond James Financial boosted their target price on shares of Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the company a "market perform" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group increased their target price on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the company a "hold" rating in a research report on Tuesday, July 7th. Finally, National Bank Financial raised their price target on shares of Canadian Imperial Bank of Commerce from C$152.00 to C$180.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 13th.

Insiders Place Their Bets

In other news, insider Christopher John Anderson sold 8,490 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total transaction of C$1,320,195.00. Following the transaction, the insider owned 6,252 shares of the company's stock, valued at C$972,186. This represents a 57.59% decrease in their position. Also, insider Stephen Alan Scholtz sold 6,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of C$162.70, for a total value of C$976,200.00. Insiders sold 17,776 shares of company stock valued at $2,817,744 over the last ninety days. 0.02% of the stock is currently owned by insiders.

Canadian Imperial Bank of Commerce Trading Down 0.2%

Shares of CM opened at C$171.36 on Tuesday. The company has a market capitalization of C$156.42 billion, a price-to-earnings ratio of 17.00, a PEG ratio of 3.03 and a beta of 1.40. The stock has a 50 day moving average of C$164.12 and a 200 day moving average of C$149.23. Canadian Imperial Bank of Commerce has a 12 month low of C$100.43 and a 12 month high of C$172.87.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last posted its quarterly earnings data on Thursday, May 28th. The company reported C$2.54 earnings per share for the quarter. The business had revenue of C$8.01 billion for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Tuesday, July 28th were issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 40.48%.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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