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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has received a consensus recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $81.00.

CM has been the subject of several analyst reports. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, October 8th. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ridgewood Investments LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $51,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares during the period. City State Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $61,000. Finally, Ninepoint Partners LP bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $97,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $61.49 on Friday. The firm has a 50-day moving average of $57.95 and a 200-day moving average of $52.03. The company has a market cap of $57.98 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.82 and a beta of 1.07. 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 has a one year low of $34.35 and a one year high of $62.67.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 EPS 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 the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.14 earnings per share. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.24%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

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.