Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $107.50

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are presently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $107.50.

A number of equities analysts have recently weighed in on CM shares. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating on the stock. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Finally, Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, March 10th.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of large investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. bought a new stake in Canadian Imperial Bank of Commerce in the third quarter worth about $30,000. Toth Financial Advisory Corp bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $32,000. AdvisorNet Financial Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after purchasing an additional 300 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Finally, Grey Fox Wealth Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 1.3%

CM opened at $94.24 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $105.00. The firm has a market capitalization of $87.12 billion, a P/E ratio of 13.74, a PEG ratio of 0.97 and a beta of 1.00. The company’s 50-day moving average is $96.13 and its 200 day moving average is $88.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.20 EPS. Research 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is 44.61%.

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.