Canadian Imperial Bank of Commerce Sees Strong Trading Volume After Dividend Announcement (CM)
Canadian Imperial Bank of Commerce (NYSE:CM) shares saw strong trading volume on Thursday after the company announced a dividend, Analyst Ratings Net reports. 232,365 shares were traded during mid-day trading, an increase of 34% from the previous session’s volume of 173,354 shares.The stock last traded at $95.18 and had previously closed at $97.05.
The newly announced dividend is scheduled for Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a dividend of $0.9137 per share. This represents a $3.65 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend is Thursday, September 25th.
CM has been the subject of a number of recent research reports. Analysts at Barclays reiterated an “underweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, August 19th. They now have a $105.00 price target on the stock, up previously from $100.00. Separately, analysts at Macquarie upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Wednesday, August 13th. Finally, analysts at Macquarie initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Monday, July 14th. They set an “outperform” rating and a $24.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $92.80.
Canadian Imperial Bank of Commerce (NYSE:CM) last posted its quarterly earnings results on Thursday, August 28th. The company reported $2.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.04.
Canadian Imperial Bank of Commerce (NYSE:CM) is a global financial institution.
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