Canadian Imperial Bank of Commerce (NYSE:CM) Increases Dividend to C$1.07 Per Share

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, December 4th. Shareholders of record on Monday, December 29th will be given a dividend of 1.07 per share by the bank on Wednesday, January 28th. This represents a c) annualized dividend and a yield of 4.7%. The ex-dividend date is Monday, December 29th. This is a 10.3% increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97.

Canadian Imperial Bank of Commerce has increased its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 46.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $2.82 annual dividend with an expected future payout ratio of 47.2%.

Canadian Imperial Bank of Commerce Stock Up 4.4%

Shares of NYSE:CM opened at $90.62 on Friday. The company has a market cap of $84.16 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.24 and a beta of 1.02. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $90.78. The firm has a fifty day moving average price of $83.22 and a two-hundred day moving average price of $76.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the business earned $1.91 earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $107.50.

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.