Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, February 22nd, Zacks reports. Shareholders of record on Wednesday, March 28th will be paid a dividend of 1.047 per share by the bank on Friday, April 27th. This represents a $4.19 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date of this dividend is Tuesday, March 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.01.
Canadian Imperial Bank of Commerce has increased its dividend by an average of 2.4% annually over the last three years and has raised its dividend every year for the last 2 years. Canadian Imperial Bank of Commerce has a payout ratio of 59.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Canadian Imperial Bank of Commerce to earn $9.77 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 53.2%.
Shares of Canadian Imperial Bank of Commerce (NYSE CM) opened at $88.59 on Monday. Canadian Imperial Bank of Commerce has a 52 week low of $77.20 and a 52 week high of $100.01. The stock has a market capitalization of $39,365.28, a price-to-earnings ratio of 10.02, a price-to-earnings-growth ratio of 1.63 and a beta of 1.13. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.10.
A number of equities analysts have recently weighed in on CM shares. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating and set a $108.00 price target for the company in a report on Tuesday, February 27th. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Tuesday, December 19th. Credit Suisse Group upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $116.00 to $125.00 in a report on Friday, December 1st. Finally, Canaccord Genuity reiterated a “buy” rating and set a $121.00 price target on shares of Canadian Imperial Bank of Commerce in a report on Thursday, November 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Canadian Imperial Bank of Commerce currently has a consensus rating of “Buy” and a consensus target price of $115.86.
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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.
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