Canadian Imperial Bank of Commerce (CM) To Go Ex-Dividend on March 28th

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Stockholders of record on Friday, March 28th will be paid a dividend of 0.6723 per share by the bank on Monday, April 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend is Friday, March 28th.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 7.0% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a payout ratio of 45.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $2.69 annual dividend with an expected future payout ratio of 45.0%.

Canadian Imperial Bank of Commerce Stock Up 1.1 %

Shares of NYSE:CM opened at $60.55 on Friday. The stock’s 50-day moving average price is $62.48 and its 200-day moving average price is $61.92. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. The stock has a market capitalization of $57.06 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CM. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $92.00.

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.