Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S. Commercial Banking and Wealth Management; and Capital Markets. The company offers chequing, savings, and business accounts; mortgages; loans, lines of credit, student lines of credit, and business and agriculture loans; investment and insurance services; and credit cards, as well as overdraft protection services. It also provides day-to-day banking, borrowing and credit, specialty, investing and wealth, and international services; correspondent banking and online foreign exchange services; and cash management services. Canadian Imperial Bank of Commerce was founded in 1867 and is headquartered in Toronto, Canada.
Analysts Set New Price Targets
A number of research firms have weighed in on CM. Credit Suisse Group started coverage on Canadian Imperial Bank of Commerce in a report on Friday, May 20th. They set an "outperform" rating and a $80.00 target price on the stock. TD Securities lowered their price objective on Canadian Imperial Bank of Commerce from C$82.00 to C$78.00 and set a "buy" rating for the company in a research report on Friday, May 27th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Thursday, July 7th. National Bankshares lifted their price target on shares of Canadian Imperial Bank of Commerce from C$83.50 to C$84.00 in a research report on Friday, May 27th. Finally, Bank of America downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "neutral" rating in a research note on Tuesday, May 17th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus price target of $83.71.
Canadian Imperial Bank of Commerce Stock Up 0.7 %
Shares of Canadian Imperial Bank of Commerce stock traded up $0.36 on Friday, reaching $52.53. The company's stock had a trading volume of 602,616 shares, compared to its average volume of 650,147. Canadian Imperial Bank of Commerce has a 52 week low of $45.09 and a 52 week high of $66.24. The firm's fifty day simple moving average is $49.84 and its two-hundred day simple moving average is $56.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $47.46 billion, a price-to-earnings ratio of 9.35, a P/E/G ratio of 2.30 and a beta of 1.01.
Canadian Imperial Bank of Commerce (NYSE:CM - Get Rating) (TSE:CM) last released its quarterly earnings data on Thursday, May 26th. The bank reported $1.40 EPS for the quarter, topping the consensus estimate of $1.39 by $0.01. The company had revenue of $5.38 billion during the quarter, compared to the consensus estimate of $5.32 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.24% and a net margin of 26.74%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the company earned $2.85 EPS. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.81 earnings per share for the current year.
Canadian Imperial Bank of Commerce Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, July 28th. Investors of record on Tuesday, June 28th were issued a $0.645 dividend. The ex-dividend date of this dividend was Monday, June 27th. This represents a $2.58 annualized dividend and a yield of 4.91%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.63. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 46.62%.