Canadian Imperial Bank of Commerce (NYSE:CM) Price Target Raised to $124.00


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Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) had its price target hoisted by CIBC from $122.00 to $124.00 in a report published on Monday, The Fly reports. They currently have an outperform rating on the bank’s stock.

CM has been the topic of a number of other research reports. Canaccord Genuity reiterated a buy rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, December 4th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a sector perform rating to an outperform rating in a research report on Friday, December 4th. BMO Capital Markets started coverage on Canadian Imperial Bank of Commerce in a report on Friday, December 4th. They set a market perform rating on the stock. ValuEngine cut Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a report on Monday, December 7th. Finally, Credit Suisse Group boosted their price target on Canadian Imperial Bank of Commerce from $105.00 to $108.00 and gave the stock an underperform rating in a report on Friday, December 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $101.81.

Canadian Imperial Bank of Commerce stock opened at $89.45 on Monday. Canadian Imperial Bank of Commerce has a 12-month low of $46.45 and a 12-month high of $89.78. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $86.74 and its two-hundred day moving average price is $77.81. The stock has a market cap of $39.98 billion, a PE ratio of 14.69, a P/E/G ratio of 1.96 and a beta of 1.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Wednesday, December 2nd. The bank reported $2.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.90. Canadian Imperial Bank of Commerce had a return on equity of 12.03% and a net margin of 15.06%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.69 billion. During the same quarter in the previous year, the business posted $2.84 earnings per share. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 8.11 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 28th. Shareholders of record on Tuesday, December 29th will be given a dividend of $1.096 per share. This represents a $4.38 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend is Monday, December 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 62.27%.

A number of large investors have recently added to or reduced their stakes in the business. CIBC Asset Management Inc increased its position in Canadian Imperial Bank of Commerce by 9.6% during the 3rd quarter. CIBC Asset Management Inc now owns 5,161,651 shares of the bank’s stock valued at $385,510,000 after purchasing an additional 451,191 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Canadian Imperial Bank of Commerce by 24.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 2,728,190 shares of the bank’s stock worth $271,537,000 after buying an additional 544,095 shares in the last quarter. Alberta Investment Management Corp boosted its holdings in shares of Canadian Imperial Bank of Commerce by 24.7% during the 3rd quarter. Alberta Investment Management Corp now owns 1,497,100 shares of the bank’s stock worth $111,553,000 after buying an additional 296,100 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 37.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,449,765 shares of the bank’s stock worth $108,313,000 after buying an additional 397,333 shares in the last quarter. Finally, Cardinal Capital Management Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 24,381.8% during the 3rd quarter. Cardinal Capital Management Inc. now owns 1,213,072 shares of the bank’s stock worth $90,601,000 after buying an additional 1,208,117 shares in the last quarter. 42.62% of the stock is owned by institutional investors and hedge funds.

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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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