Canadian Imperial Bank of Commerce to Issue Quarterly Dividend of C$1.07 (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Thursday, August 27th. Stockholders of record on Monday, September 28th will be given a dividend of 1.07 per share by the bank on Wednesday, October 28th. This represents a c) annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, September 28th.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 0.0%annually over the last three years and has raised its dividend every year for the last 14 years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 51.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $8.05 per share next year, which means the company should continue to be able to cover its $3.10 annual dividend with an expected future payout ratio of 38.5%.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM traded down $3.35 on Thursday, hitting $114.85. 2,130,518 shares of the company were exchanged, compared to its average volume of 1,297,272. The firm has a market capitalization of $104.84 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 1.23 and a beta of 1.01. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 1-year low of $75.00 and a 1-year high of $124.86. The stock’s 50 day moving average price is $117.34 and its 200 day moving average price is $108.84.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.41 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CM shares. TD Securities reiterated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Royal Bank Of Canada lifted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, July 31st. Desjardins downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $167.00.

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.