Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $67.00

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average recommendation of “Hold” by the nine brokerages that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $67.00.

A number of equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, June 20th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating on the stock. Finally, UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday. They set a “neutral” rating for the company.

Canadian Imperial Bank of Commerce Stock Down 0.4 %

Canadian Imperial Bank of Commerce stock opened at $48.27 on Wednesday. The stock has a 50 day moving average of $48.40 and a two-hundred day moving average of $47.86. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $51.14. The stock has a market capitalization of $45.52 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 1.91 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The company had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.653 per share. The ex-dividend date is Friday, June 28th. This represents a $2.61 annualized dividend and a dividend yield of 5.41%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 53.70%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Canadian Imperial Bank of Commerce by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after acquiring an additional 675,786 shares during the period. Bank of Nova Scotia increased its stake in Canadian Imperial Bank of Commerce by 8.1% in the fourth quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock valued at $1,199,627,000 after purchasing an additional 1,872,709 shares during the last quarter. TD Asset Management Inc lifted its position in Canadian Imperial Bank of Commerce by 13.8% during the fourth quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after buying an additional 2,730,076 shares during the period. CIBC Asset Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 12.8% in the 4th quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock valued at $560,365,000 after buying an additional 1,313,996 shares during the period. Finally, Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $404,008,000. Institutional investors and hedge funds 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.