Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $89.00

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have earned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $89.00.

A number of research firms recently commented on CM. BMO Capital Markets lifted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Royal Bank of Canada restated a “sector perform” rating and set a $97.00 price objective (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. 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. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CM. Toronto Dominion Bank raised its stake in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares during the period. Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 32.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after acquiring an additional 900,575 shares in the last quarter. Legal & General Group Plc raised its position in Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares during the period. Ritholtz Wealth Management lifted its holdings in Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $62.89 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50-day moving average of $64.37 and a two-hundred day moving average of $57.75. The stock has a market cap of $59.41 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.78 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $43.86 and a one year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 53.46%.

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.