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Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) announced a quarterly dividend on Friday, December 2nd, Wall Street Journal reports. Investors of record on Wednesday, December 28th will be given a dividend of 0.627 per share by the bank on Friday, January 27th. This represents a $2.51 annualized dividend and a yield of 5.68%. The ex-dividend date of this dividend is Tuesday, December 27th.
Canadian Imperial Bank of Commerce has increased its dividend payment by an average of 5.1% per year over the last three years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 45.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Canadian Imperial Bank of Commerce to earn $5.29 per share next year, which means the company should continue to be able to cover its $2.46 annual dividend with an expected future payout ratio of 46.5%.
Canadian Imperial Bank of Commerce Stock Performance
CM traded down $0.40 during trading on Friday, hitting $44.13. The stock had a trading volume of 1,396,967 shares, compared to its average volume of 974,979. The company has a 50 day moving average price of $45.25 and a 200-day moving average price of $48.59. The firm has a market cap of $39.98 billion, a price-to-earnings ratio of 8.03, a P/E/G ratio of 2.98 and a beta of 0.97. Canadian Imperial Bank of Commerce has a one year low of $39.72 and a one year high of $66.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the company. Desjardins reduced their price target on Canadian Imperial Bank of Commerce from C$74.00 to C$73.00 and set a “hold” rating for the company in a research note on Monday, August 29th. StockNews.com assumed coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, October 12th. They set a “hold” rating for the company. CIBC downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Friday. National Bank Financial cut their target price on Canadian Imperial Bank of Commerce from C$84.00 to C$83.00 in a research report on Tuesday, August 16th. Finally, TD Securities downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and cut their target price for the company from C$74.00 to C$65.00 in a research report on Tuesday, November 15th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus target price of $81.58.
Hedge Funds Weigh In On Canadian Imperial Bank of Commerce
A number of institutional investors have recently modified their holdings of CM. Clearbridge Investments LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth $73,764,000. Vanguard Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 14,825,265 shares of the bank’s stock worth $1,804,087,000 after purchasing an additional 495,127 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 75.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 941,255 shares of the bank’s stock worth $45,689,000 after purchasing an additional 404,220 shares in the last quarter. Northern Trust Corp increased its holdings in Canadian Imperial Bank of Commerce by 95.1% in the 2nd quarter. Northern Trust Corp now owns 407,043 shares of the bank’s stock worth $19,757,000 after purchasing an additional 198,388 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth about $14,810,000. Institutional investors and hedge funds own 44.32% of the company’s stock.
Canadian Imperial Bank of Commerce Company Profile
(Get Rating)
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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.
Read More
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