Canadian Imperial Bank of Commerce (NYSE:CM) Plans Dividend Increase – $0.64 Per Share

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) declared a quarterly dividend on Thursday, May 25th, Zacks reports. Investors of record on Wednesday, June 28th will be paid a dividend of 0.642 per share by the bank on Friday, July 28th. This represents a $2.57 annualized dividend and a dividend yield of 6.16%. The ex-dividend date of this dividend is Tuesday, June 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 5.5% per year over the last three years. Canadian Imperial Bank of Commerce has a payout ratio of 47.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Canadian Imperial Bank of Commerce to earn $5.15 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 48.2%.

Canadian Imperial Bank of Commerce Trading Up 1.8 %

NYSE:CM opened at $41.66 on Friday. Canadian Imperial Bank of Commerce has a one year low of $39.40 and a one year high of $56.68. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50-day simple moving average is $41.94 and its 200 day simple moving average is $43.49. The firm has a market capitalization of $38.23 billion, a P/E ratio of 10.57, a PEG ratio of 1.57 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last issued its earnings results on Friday, February 24th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.21. The firm had revenue of $4.40 billion for the quarter. Canadian Imperial Bank of Commerce had a net margin of 12.75% and a return on equity of 14.51%. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 5.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 277.9% during the 1st quarter. NewEdge Advisors LLC now owns 1,126 shares of the bank’s stock valued at $48,000 after acquiring an additional 828 shares during the period. CENTRAL TRUST Co lifted its stake in Canadian Imperial Bank of Commerce by 77.8% during the 3rd quarter. CENTRAL TRUST Co now owns 1,600 shares of the bank’s stock valued at $70,000 after acquiring an additional 700 shares during the period. Tower Research Capital LLC TRC lifted its stake in Canadian Imperial Bank of Commerce by 350.2% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,264 shares of the bank’s stock valued at $144,000 after acquiring an additional 2,539 shares during the period. Macquarie Group Ltd. acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $148,000. Finally, Rockefeller Capital Management L.P. lifted its stake in Canadian Imperial Bank of Commerce by 18.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,112 shares of the bank’s stock valued at $165,000 after acquiring an additional 626 shares during the period. Institutional investors own 44.40% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of research analyst reports. CIBC upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Tuesday, May 9th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Friday. Canaccord Genuity Group raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a report on Wednesday, May 10th. Finally, Royal Bank of Canada upped their target price on shares of Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, February 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.14.

About Canadian Imperial Bank of Commerce

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.