Canadian Imperial Bank of Commerce (NYSE:CM)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $76.57, but opened at $76.65. Canadian Imperial Bank of Commerce shares last traded at $77.39, with a volume of 193,930 shares changing hands.

CM has been the topic of several research reports. Barclays PLC restated an “underperform” rating and set a $93.00 price target (up from $87.00) on shares of Canadian Imperial Bank of Commerce in a research note on Sunday, August 21st. Royal Bank Of Canada lowered their price target on Canadian Imperial Bank of Commerce from $106.00 to $104.00 and set a “sector perform” rating on the stock in a research note on Thursday, June 30th. TD Securities restated a “hold” rating and set a $105.00 price target (up from $100.00) on shares of Canadian Imperial Bank of Commerce in a research note on Monday, August 29th. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research note on Tuesday, August 30th. Finally, BMO Capital Markets restated a “market perform” rating and set a $103.00 price target (up from $97.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 26th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $101.00.

The stock has a 50-day moving average of $78.00 and a 200-day moving average of $77.00. The stock has a market cap of $30.85 billion, a PE ratio of 9.99 and a beta of 1.03.

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Canadian Imperial Bank of Commerce (NYSE:CM) last released its quarterly earnings results on Thursday, August 25th. The company reported $2.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.35 by $0.32. Canadian Imperial Bank of Commerce had a net margin of 22.51% and a return on equity of 18.83%. During the same period in the previous year, the company posted $2.45 EPS. On average, analysts expect that Canadian Imperial Bank of Commerce will post $7.66 earnings per share for the current year.

The business also recently declared a dividend, which will be paid on Friday, October 28th. Shareholders of record on Wednesday, September 28th will be issued a $0.928 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous dividend of $0.86. The ex-dividend date is Monday, September 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 47.19%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capstone Asset Management Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 2.3% in the first quarter. Capstone Asset Management Co. now owns 61,344 shares of the company’s stock valued at $4,583,000 after buying an additional 1,360 shares in the last quarter. Aperio Group LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 3.8% in the first quarter. Aperio Group LLC now owns 322,371 shares of the company’s stock valued at $24,084,000 after buying an additional 11,921 shares in the last quarter. Mn Services Vermogensbeheer B.V. acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $654,000. Virginia Retirement System acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $29,846,000. Finally, CIBC World Markets Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 8.0% in the first quarter. CIBC World Markets Inc. now owns 1,404,337 shares of the company’s stock valued at $104,918,000 after buying an additional 104,182 shares in the last quarter. 52.59% of the stock is currently owned by institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

5 Day Chart for NYSE:CM

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