Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average rating of “Moderate Buy” by the eight brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $92.00.

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. boosted its stake in Canadian Imperial Bank of Commerce by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 256,164 shares of the bank’s stock valued at $12,180,000 after purchasing an additional 30,450 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Canadian Imperial Bank of Commerce by 4.6% during the second quarter. Envestnet Asset Management Inc. now owns 794,362 shares of the bank’s stock worth $37,764,000 after acquiring an additional 34,573 shares during the period. Massachusetts Financial Services Co. MA raised its position in Canadian Imperial Bank of Commerce by 1,014.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 84,742 shares of the bank’s stock worth $4,029,000 after acquiring an additional 77,137 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Canadian Imperial Bank of Commerce by 10.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,950,107 shares of the bank’s stock valued at $140,264,000 after acquiring an additional 280,994 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 279.6% during the 2nd quarter. Renaissance Technologies LLC now owns 154,499 shares of the bank’s stock valued at $7,343,000 after purchasing an additional 113,800 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

CM stock opened at $62.61 on Friday. The firm has a market cap of $59.00 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.64 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1-year low of $43.86 and a 1-year high of $67.45. The firm has a fifty day moving average price of $64.22 and a two-hundred day moving average price of $59.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be issued a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 4.42%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 51.22%.

Canadian Imperial Bank of Commerce Company Profile

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.