Canadian Imperial Bank of Commerce (NYSE:CM) Shares Up 11.7%

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shot up 11.7% during trading on Wednesday . The stock traded as high as $51.94 and last traded at $57.80, 86,439 shares traded hands during mid-day trading. A decline of 92% from the average session volume of 1,097,139 shares. The stock had previously closed at $51.73.

Several research firms recently commented on CM. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 7th. Royal Bank of Canada reiterated a “hold” rating and set a $120.00 price objective on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 27th. Credit Suisse Group lifted their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $110.00 and gave the company a “neutral” rating in a research note on Thursday, February 27th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Tuesday, February 4th. Finally, Canaccord Genuity dropped their price objective on shares of Canadian Imperial Bank of Commerce from $112.50 to $108.00 and set a “hold” rating on the stock in a research note on Friday, December 6th. Thirteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $108.00.

The company has a market cap of $23.02 billion, a PE ratio of 6.90, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The business’s 50 day moving average price is $71.79 and its 200-day moving average price is $80.74. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Wednesday, February 26th. The bank reported $3.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $1.00. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.77 billion. Canadian Imperial Bank of Commerce had a net margin of 17.70% and a return on equity of 15.66%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.01 earnings per share. Equities analysts expect that Canadian Imperial Bank of Commerce will post 8.69 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be paid a dividend of $1.0955 per share. The ex-dividend date is Thursday, March 26th. This represents a $4.38 dividend on an annualized basis and a dividend yield of 7.53%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.09. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 48.38%.

Several large investors have recently modified their holdings of CM. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $344,681,000. Alberta Investment Management Corp increased its stake in shares of Canadian Imperial Bank of Commerce by 134.1% in the fourth quarter. Alberta Investment Management Corp now owns 4,145,900 shares of the bank’s stock worth $345,484,000 after buying an additional 2,374,700 shares during the last quarter. Guardian Capital LP increased its stake in shares of Canadian Imperial Bank of Commerce by 118.7% in the fourth quarter. Guardian Capital LP now owns 1,681,672 shares of the bank’s stock worth $140,136,000 after buying an additional 912,661 shares during the last quarter. Value Partner Investments Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $52,446,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Canadian Imperial Bank of Commerce by 53.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,466,292 shares of the bank’s stock worth $122,188,000 after buying an additional 508,610 shares during the last quarter. Institutional investors and hedge funds own 45.30% of the company’s stock.

About Canadian Imperial Bank of Commerce (NYSE:CM)

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 Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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