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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $81.00.

A number of research analysts have commented on CM shares. Desjardins upgraded 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 raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th.

Canadian Imperial Bank of Commerce Trading Up 0.4 %

Canadian Imperial Bank of Commerce stock opened at $63.20 on Tuesday. The business has a 50 day moving average price of $60.92 and a two-hundred day moving average price of $53.41. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $59.70 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 1.89 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12 month low of $37.25 and a 12 month high of $63.75.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period in the prior year, the company posted $1.14 EPS. The company’s revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.13%. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $175,000. Gold Investment Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 1.8% in the first quarter. Gold Investment Management Ltd. now owns 53,956 shares of the bank’s stock worth $2,736,000 after purchasing an additional 953 shares during the period. Signaturefd LLC grew its holdings in Canadian Imperial Bank of Commerce by 2.6% in the first quarter. Signaturefd LLC now owns 19,727 shares of the bank’s stock worth $1,001,000 after purchasing an additional 508 shares during the period. Keudell Morrison Wealth Management lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.8% in the first quarter. Keudell Morrison Wealth Management now owns 12,820 shares of the bank’s stock worth $650,000 after buying an additional 465 shares in the last quarter. Finally, Atomi Financial Group Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $232,000. Institutional investors 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.