Brokerages Set Canadian Imperial Bank of Commerce (NYSE:CM) PT at $167.00

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $167.00.

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, July 15th. Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Finally, Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sequoia Financial Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 1.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank’s stock worth $880,000 after acquiring an additional 114 shares during the last quarter. Parallel Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 3.5% during the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock worth $272,000 after purchasing an additional 116 shares during the last quarter. Sivia Capital Partners LLC grew its position in Canadian Imperial Bank of Commerce by 3.1% during the 4th quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank’s stock worth $347,000 after purchasing an additional 116 shares during the last quarter. McIlrath & Eck LLC increased its stake in Canadian Imperial Bank of Commerce by 7.1% in the fourth quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank’s stock valued at $175,000 after purchasing an additional 128 shares during the period. Finally, Bridgewater Advisors Inc. increased its stake in Canadian Imperial Bank of Commerce by 4.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank’s stock valued at $311,000 after purchasing an additional 138 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 0.8%

Shares of NYSE CM opened at $117.41 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $107.17 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 1.27 and a beta of 1.02. The firm’s 50-day simple moving average is $114.03 and its 200 day simple moving average is $104.47. Canadian Imperial Bank of Commerce has a 12-month low of $71.00 and a 12-month high of $122.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period last year, the firm earned $2.05 EPS. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is presently 42.58%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.