Canadian Imperial Bank of Commerce (NYSE:CM) Receives Consensus Rating of “Hold” from Analysts

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has received a consensus rating of “Hold” from the nine analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $67.00.

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

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $48.03 on Wednesday. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The business’s fifty day moving average is $48.36 and its 200 day moving average is $47.83. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. The stock has a market cap of $45.29 billion, a P/E ratio of 9.88, a P/E/G ratio of 1.87 and a beta of 1.06.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.653 dividend. This represents a $2.61 annualized dividend and a yield of 5.44%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 53.70%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $404,008,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Canadian Imperial Bank of Commerce by 94.4% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after buying an additional 2,952,277 shares in the last quarter. TD Asset Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 13.8% during the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after buying an additional 2,730,076 shares in the last quarter. FIL Ltd grew its holdings in Canadian Imperial Bank of Commerce by 218.0% during the 4th quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock valued at $153,841,000 after buying an additional 2,190,378 shares in the last quarter. Finally, Mufg Securities Canada LTD. purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $94,373,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.