Canadian Imperial Bank of Commerce (NYSE:CM) Receives $81.00 Consensus Price Target from Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $81.00.

Several equities analysts recently issued reports on the stock. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th.

Canadian Imperial Bank of Commerce Trading Up 1.8 %

Shares of NYSE CM opened at $64.64 on Tuesday. The stock has a market cap of $61.06 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.83 and a beta of 1.06. The firm has a 50 day moving average price of $61.27 and a two-hundred day moving average price of $53.59. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $37.25 and a 52-week high of $64.79.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.14 earnings per share. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter worth $29,000. Blue Trust Inc. increased its holdings in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $51,000. Massmutual Trust Co. FSB ADV lifted its holdings in Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares during the last quarter. Finally, City State Bank bought a new position in Canadian Imperial Bank of Commerce during the third quarter worth about $61,000. Institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.