Royal Bank of Canada Cuts Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$112.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective cut by Royal Bank of Canada from C$116.00 to C$112.00 in a research note issued to investors on Monday,BayStreet.CA reports. They currently have an outperform rating on the stock.

Several other research analysts also recently commented on the company. Scotiabank raised Canadian Imperial Bank of Commerce to a “strong-buy” rating in a report on Thursday, May 15th. National Bankshares set a C$95.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the company an “outperform” rating in a research report on Thursday, May 22nd. Canaccord Genuity Group lowered their price objective on shares of Canadian Imperial Bank of Commerce from C$93.00 to C$92.00 in a research report on Monday, May 12th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and lowered their price objective for the company from C$100.00 to C$89.00 in a research report on Monday, April 21st. Finally, TD Securities lowered their price objective on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$99.00 and set a “buy” rating for the company in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$95.92.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at C$92.87 on Monday. The company has a market capitalization of C$86.89 billion, a P/E ratio of 12.27, a PEG ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a one year low of C$64.63 and a one year high of C$96.45. The business’s 50 day simple moving average is C$87.77 and its 200-day simple moving average is C$88.00.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.18%. Canadian Imperial Bank of Commerce’s payout ratio is 47.55%.

Insider Activity

In related news, Senior Officer Sandy Sharman sold 1,027 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Friday, March 21st. The stock was sold at an average price of C$81.27, for a total transaction of C$83,464.29. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of C$93.07, for a total value of C$4,047,614.30. Insiders sold 85,642 shares of company stock worth $7,995,304 in the last quarter. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.