Canadian Imperial Bank of Commerce (NYSE:CM) Stock Has Consensus Price Target of $167.00 According to Analysts

Key Points

• Analysts have a “Moderate Buy” consensus on CIBC, with five holds, four buys and one strong buy among 10 covering brokerages. The average 12-month price target is $167.00.
• CIBC exceeded quarterly expectations, reporting EPS of $1.96 versus the $1.80 consensus and revenue of $5.97 billion versus the $5.74 billion estimate.
• The bank declared a quarterly dividend of C$1.07, equivalent to C$4.28 annually and a 3.9% yield; institutional investors own approximately 49.88% of its shares.

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

A number of brokerages recently issued reports on CM. Royal Bank Of Canada restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. TD Securities reiterated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 27th.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $110.29 on Tuesday. The firm has a market cap of $100.68 billion, a PE ratio of 14.72, a PEG ratio of 1.09 and a beta of 1.02. The stock's fifty day moving average price is $116.12 and its two-hundred day moving average price is $111.87. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $79.32 and a 1 year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The firm had revenue of $5.97 billion for the quarter, compared to analysts' expectations of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.6 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be paid a C$1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce's payout ratio is currently 41.26%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently bought and sold shares of CM. Cibc World Market Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $1,342,850,000. Bank of Nova Scotia purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $1,297,567,000. TD Waterhouse Canada Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 4.1% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,475,369 shares of the bank's stock worth $985,227,000 after purchasing an additional 337,620 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $916,774,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC's principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.

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