Canadian Imperial Bank of Commerce (NYSE:CM) Receives Consensus Rating of “Moderate Buy” from Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $107.50.

Several brokerages have issued reports on CM. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Royal Bank Of Canada boosted 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 research note on Friday, August 29th.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $80.72 on Friday. The company’s fifty day moving average is $76.35 and its two-hundred day moving average is $68.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $82.09. The company has a market cap of $75.03 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the previous year, the business earned $1.93 EPS. The company’s revenue was up 3.3% on a year-over-year basis. Equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently modified their holdings of CM. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $730,245,000. Goldman Sachs Group Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock worth $292,032,000 after purchasing an additional 4,160,938 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Canadian Imperial Bank of Commerce by 130.2% in the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after purchasing an additional 4,160,060 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock worth $595,762,000 after purchasing an additional 2,538,808 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in Canadian Imperial Bank of Commerce by 51.8% in the second quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after purchasing an additional 2,425,000 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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.