Canadian Imperial Bank of Commerce (NYSE:CM) Declares Quarterly Dividend of C$1.07

Key Points

• CIBC declared a quarterly dividend of C$1.07 per share, payable October 28 to shareholders of record on September 28, implying an annualized dividend of C$3.10 and a 3.7% yield.
• The dividend appears well covered, with a current payout ratio of 51.2%; CIBC has raised its dividend for 14 consecutive years, while analysts expect the future payout ratio to decline to 38.5%.
• CIBC’s latest earnings beat expectations, reporting EPS of $1.96 versus the $1.80 consensus. Despite the stock falling 2.8% to $114.85, analysts maintain a “Moderate Buy” consensus with an average price target of $167.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM declared a quarterly dividend on Thursday, August 27th. Stockholders of record on Monday, September 28th will be given a dividend of 1.07 per share by the bank on Wednesday, October 28th. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, September 28th.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 14 years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 51.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $8.05 per share next year, which means the company should continue to be able to cover its $3.10 annual dividend with an expected future payout ratio of 38.5%.

Canadian Imperial Bank of Commerce Stock Down 2.8%

CM stock traded down $3.35 during trading on Thursday, hitting $114.85. 2,130,518 shares of the company's stock traded hands, compared to its average volume of 1,297,272. The firm has a market capitalization of $104.84 billion, a P/E ratio of 15.78, a PEG ratio of 1.23 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 1 year low of $75.00 and a 1 year high of $124.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $117.34 and a two-hundred day simple moving average of $108.84.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%. Sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods began coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They issued a "market perform" rating for the company. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. TD Securities reiterated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Finally, Raymond James Financial restated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average price target of $167.00.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source