Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received a consensus recommendation of “Moderate Buy” from the eight research firms that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $107.50.

A number of brokerages recently weighed in on CM. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CM. American Century Companies Inc. lifted its position in Canadian Imperial Bank of Commerce by 10.8% during the 2nd quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after buying an additional 33,908 shares in the last quarter. Legal & General Group Plc increased its position in shares of Canadian Imperial Bank of Commerce by 4.4% in the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock valued at $438,056,000 after acquiring an additional 262,675 shares during the last quarter. Westerkirk Capital Inc. bought a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $3,379,000. AGF Management Ltd. boosted its position in Canadian Imperial Bank of Commerce by 15.2% during the second quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock valued at $62,908,000 after purchasing an additional 116,190 shares during the last quarter. Finally, Cumberland Partners Ltd grew its stake in Canadian Imperial Bank of Commerce by 50.0% in the second quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock valued at $1,021,000 after purchasing an additional 4,800 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 1.3%

Shares of CM opened at $91.82 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $85.28 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.25 and a beta of 1.02. The stock has a fifty day moving average price of $87.93 and a two-hundred day moving average price of $80.03. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $94.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company posted $1.91 earnings per share. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be issued a $1.07 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a yield of 4.7%. The ex-dividend date is Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 50.25%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.