Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Canadian Imperial Bank of Commerce, with five hold ratings, four buys and one strong buy. The average 12-month price target is $167, above the reported share price of $114.50.
• CIBC exceeded quarterly expectations, reporting $1.96 in EPS versus the $1.80 consensus and revenue of $5.97 billion versus $5.74 billion expected.
• The bank declared a quarterly dividend of $1.07 per share, equivalent to $4.28 annually and a 3.7% yield; institutional investors and hedge funds own nearly 50% of the stock.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM has been given a consensus rating of "Moderate Buy" by the ten research firms that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $167.00.

CM has been the topic of several recent analyst reports. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. Barclays restated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. Desjardins cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, TD Securities reiterated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 1.1% during the second quarter. Sequoia Financial Advisors LLC now owns 10,192 shares of the bank's stock worth $1,172,000 after acquiring an additional 113 shares in the last quarter. Tidal Investments LLC bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $739,000. Integrated Wealth Concepts LLC lifted its position in Canadian Imperial Bank of Commerce by 0.8% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 14,479 shares of the bank's stock valued at $1,665,000 after acquiring an additional 110 shares in the last quarter. Baird Financial Group Inc. boosted its stake in Canadian Imperial Bank of Commerce by 2.5% in the 2nd quarter. Baird Financial Group Inc. now owns 39,183 shares of the bank's stock worth $4,506,000 after purchasing an additional 948 shares during the period. Finally, West Family Investments Inc. boosted its stake in Canadian Imperial Bank of Commerce by 4.1% in the 2nd quarter. West Family Investments Inc. now owns 2,724 shares of the bank's stock worth $313,000 after purchasing an additional 107 shares during the period. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Down 0.4%

Shares of NYSE:CM opened at $114.50 on Friday. The company has a 50 day moving average price of $117.70 and a two-hundred day moving average price of $110.27. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $104.52 billion, a PE ratio of 15.29, a PEG ratio of 1.16 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 52 week low of $78.79 and a 52 week high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Analysts forecast that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a yield of 3.7%. Canadian Imperial Bank of Commerce's payout ratio is presently 41.39%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC's principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.

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