Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts hold a “Moderate Buy” consensus on CIBC, with four buy ratings, one strong buy, and five holds. The average 12-month price target is $160.
• CIBC exceeded quarterly expectations, reporting $1.96 in earnings per share versus the $1.80 estimate and revenue of $5.97 billion versus $5.74 billion expected.
• The bank maintains a quarterly dividend of C$1.07 per share, equivalent to a 3.7% yield and a 41.26% payout ratio; institutional investors and hedge funds own nearly 50% of the stock.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have been assigned a consensus recommendation of "Moderate Buy" from the ten ratings firms that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $160.00.

A number of analysts have recently weighed in on the company. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 27th. Royal Bank Of Canada restated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. Desjardins downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Finally, Barclays reiterated an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st.

Canadian Imperial Bank of Commerce Stock Down 1.9%

Shares of NYSE:CM opened at $116.63 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 52-week low of $81.87 and a 52-week high of $124.86. The company has a 50 day moving average of $113.71 and a two-hundred day moving average of $108.59. The company has a market capitalization of $105.89 billion, a price-to-earnings ratio of 15.57, a price-to-earnings-growth ratio of 1.17 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th were issued a dividend of C$1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date was Monday, September 28th. Canadian Imperial Bank of Commerce's payout ratio is presently 41.26%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ascent Group LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 9.6% during the 3rd quarter. Ascent Group LLC now owns 3,739 shares of the bank's stock worth $412,000 after purchasing an additional 328 shares in the last quarter. Compass Financial Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $33,000. Investment Insight Wealth Management LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 16.7% in the 3rd quarter. Investment Insight Wealth Management LLC now owns 4,668 shares of the bank's stock valued at $515,000 after buying an additional 668 shares in the last quarter. Vise Technologies Inc. increased its holdings in Canadian Imperial Bank of Commerce by 4.1% in the third quarter. Vise Technologies Inc. now owns 33,137 shares of the bank's stock worth $3,651,000 after buying an additional 1,296 shares during the last quarter. Finally, Summit Global Investments increased its holdings in Canadian Imperial Bank of Commerce by 11.1% in the third quarter. Summit Global Investments now owns 2,371 shares of the bank's stock worth $261,000 after buying an additional 236 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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 governments through its Canadian and U.S. operations.

CIBC's main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.

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