Canadian Imperial Bank of Commerce (NYSE:CM) Increases Dividend to C$1.07 Per Share

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, December 4th. Shareholders of record on Monday, December 29th will be paid a dividend of 1.07 per share by the bank on Wednesday, January 28th. This represents a c) dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Monday, December 29th. This is a 10.3% increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97.

Canadian Imperial Bank of Commerce has increased its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a payout ratio of 46.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $2.82 annual dividend with an expected future payout ratio of 47.2%.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $3.78 during midday trading on Thursday, hitting $90.62. 1,985,809 shares of the stock traded hands, compared to its average volume of 1,125,846. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $90.78. The firm has a market capitalization of $84.16 billion, a P/E ratio of 15.31, a PEG ratio of 1.21 and a beta of 1.02. The firm has a 50-day moving average of $83.02 and a two-hundred day moving average of $76.35.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Royal Bank Of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company Profile

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.