Canadian Imperial Bank of Commerce (NYSE:CM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have received an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $89.00.

CM has been the topic of several recent research reports. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, December 6th.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in shares of Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Franklin Resources Inc. grew its stake in Canadian Imperial Bank of Commerce by 4.4% in the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank’s stock valued at $54,606,000 after buying an additional 37,419 shares during the last quarter. Hobbs Group Advisors LLC raised its holdings in Canadian Imperial Bank of Commerce by 675.8% in the 3rd quarter. Hobbs Group Advisors LLC now owns 2,211 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,926 shares during the period. Geode Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 8.6% during the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after acquiring an additional 336,854 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $10,045,000. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $62.89 on Wednesday. The firm’s 50 day moving average is $64.37 and its 200-day moving average is $57.88. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $59.41 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $43.86 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be issued a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.40%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 53.46%.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.