Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Price Target at $92.00

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been given an average recommendation of “Moderate Buy” by the eight brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $92.00.

A number of equities research analysts have issued reports on CM shares. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Monday, January 6th. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp boosted its holdings in Canadian Imperial Bank of Commerce by 5.7% in the 4th quarter. Fifth Third Bancorp now owns 4,971 shares of the bank’s stock worth $314,000 after buying an additional 270 shares during the period. Atomi Financial Group Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 19.5% during the fourth quarter. Atomi Financial Group Inc. now owns 9,415 shares of the bank’s stock worth $595,000 after purchasing an additional 1,536 shares in the last quarter. Addenda Capital Inc. raised its stake in Canadian Imperial Bank of Commerce by 5.9% during the 4th quarter. Addenda Capital Inc. now owns 545,010 shares of the bank’s stock valued at $34,461,000 after purchasing an additional 30,382 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Canadian Imperial Bank of Commerce by 27.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock worth $73,000 after purchasing an additional 250 shares in the last quarter. Finally, Nexus Investment Management ULC boosted its stake in Canadian Imperial Bank of Commerce by 0.9% in the 4th quarter. Nexus Investment Management ULC now owns 74,142 shares of the bank’s stock worth $4,679,000 after purchasing an additional 640 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $63.36 on Friday. The firm has a market capitalization of $59.71 billion, a P/E ratio of 11.84, a PEG ratio of 1.65 and a beta of 1.06. 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 $43.86 and a one year high of $67.45. The business has a fifty day moving average of $64.18 and a 200 day moving average of $59.54.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a dividend of $0.6912 per share. The ex-dividend date is Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.36%. Canadian Imperial Bank of Commerce’s payout ratio is 51.22%.

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.