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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Thursday, February 26th. Shareholders of record on Friday, March 27th will be given a dividend of 1.07 per share by the bank on Tuesday, April 28th. This represents a c) annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, March 27th.

Canadian Imperial Bank of Commerce has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 14 years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 50.6% meaning its dividend is sufficiently covered by earnings. 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 $3.06 annual dividend with an expected future payout ratio of 51.2%.

Canadian Imperial Bank of Commerce Stock Up 2.9%

Shares of CM traded up $2.93 during mid-day trading on Thursday, reaching $103.70. The company’s stock had a trading volume of 1,245,490 shares, compared to its average volume of 945,399. The company has a market cap of $96.09 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.31 and a beta of 1.02. The business has a fifty day moving average of $93.82 and a 200 day moving average of $86.00. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.91 earnings per share. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently bought and sold shares of the business. Canerector Inc. boosted its stake in Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares during the period. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $958,383,000. Mackenzie Financial Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 69.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after acquiring an additional 4,419,968 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Canadian Imperial Bank of Commerce by 130.2% during the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after acquiring an additional 4,160,060 shares during the period. Finally, FIL Ltd raised its stake in Canadian Imperial Bank of Commerce by 26.1% during the 4th quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock valued at $1,156,438,000 after purchasing an additional 2,643,495 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

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.