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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $92.00.

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

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Canadian Imperial Bank of Commerce by 15.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,491,730 shares of the bank’s stock worth $94,314,000 after acquiring an additional 196,477 shares in the last quarter. Guardian Capital LP raised its position in Canadian Imperial Bank of Commerce by 1.3% in the 4th quarter. Guardian Capital LP now owns 1,179,929 shares of the bank’s stock valued at $74,601,000 after purchasing an additional 15,061 shares during the last quarter. Talon Private Wealth LLC acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth $328,000. Northern Trust Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 38.9% during the fourth quarter. Northern Trust Corp now owns 626,852 shares of the bank’s stock worth $39,636,000 after purchasing an additional 175,669 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Canadian Imperial Bank of Commerce by 26.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 4,031,116 shares of the bank’s stock valued at $255,338,000 after buying an additional 844,010 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

NYSE CM opened at $62.10 on Thursday. The firm has a 50-day simple moving average of $63.40 and a 200 day simple moving average of $61.10. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $58.53 billion, a PE ratio of 11.61, a PEG ratio of 1.64 and a beta of 1.05. Canadian Imperial Bank of Commerce has a twelve month low of $45.13 and a twelve month high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 27th were issued a dividend of $0.6912 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 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.