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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $81.00.

CM has been the topic of several research reports. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets lifted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $59.58 on Friday. The stock’s 50-day simple moving average is $57.07 and its 200-day simple moving average is $51.73. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $62.67. The company has a market capitalization of $56.19 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.86 and a beta of 1.07. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the previous year, the firm posted $1.14 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.38%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.73%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CM. Toronto Dominion Bank boosted its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after purchasing an additional 1,395,600 shares during the period. M&G Plc purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $8,221,000. Cetera Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $1,278,000. Finally, Legal & General Group Plc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after purchasing an additional 228,130 shares during the period. 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.