Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Rating of “Hold” by Analysts

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned a consensus rating of “Hold” from the seven analysts that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $167.00.

A number of equities analysts have weighed in on the stock. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Scotiabank lowered shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Monday, June 1st. Finally, Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CM. Canerector Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 11,021.0% in the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares in the last quarter. Norges Bank purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $958,383,000. Mackenzie Financial Corp boosted its stake in Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after buying an additional 4,419,968 shares during the last quarter. FIL Ltd boosted its stake in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after buying an additional 2,643,495 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Canadian Imperial Bank of Commerce by 24.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 8,897,236 shares of the bank’s stock valued at $808,281,000 after buying an additional 1,720,220 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $111.14 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50-day moving average of $107.80 and a two-hundred day moving average of $98.64. The stock has a market cap of $101.45 billion, a P/E ratio of 15.27, a P/E/G ratio of 1.17 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $67.46 and a one year high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the previous year, the company posted $2.05 earnings per share. The company’s revenue was up 14.0% compared to the same quarter last year. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. Canadian Imperial Bank of Commerce’s payout ratio is presently 43.13%.

Canadian Imperial Bank of Commerce Company Profile

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.