Analysts Set Canadian Imperial Bank of Commerce (NYSE:CM) Target Price at $81.00

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have earned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $81.00.

A number of brokerages recently weighed in on CM. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. BMO Capital Markets boosted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th.

Institutional Trading of Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently modified their holdings of CM. Ontario Teachers Pension Plan Board lifted its position in shares of Canadian Imperial Bank of Commerce by 55.8% in the third quarter. Ontario Teachers Pension Plan Board now owns 18,601 shares of the bank’s stock worth $1,141,000 after purchasing an additional 6,665 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after buying an additional 1,305,665 shares in the last quarter. PCJ Investment Counsel Ltd. boosted its stake in shares of Canadian Imperial Bank of Commerce by 38.8% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 50,490 shares of the bank’s stock valued at $3,097,000 after buying an additional 14,120 shares during the period. Prospera Private Wealth LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.2% during the 3rd quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock valued at $643,000 after acquiring an additional 330 shares in the last quarter. Finally, CAP Partners LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth $208,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $64.51 on Tuesday. The stock has a fifty day moving average price of $61.53 and a 200 day moving average price of $53.87. The company has a market cap of $60.94 billion, a P/E ratio of 12.67, a PEG ratio of 1.86 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $37.46 and a 12 month high of $65.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the business posted $1.14 EPS. Canadian Imperial Bank of Commerce’s revenue was up 12.9% on a year-over-year basis. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.04%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

Canadian Imperial Bank of Commerce Company Profile

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.