Canadian Imperial Bank of Commerce (NYSE:CM) Declares $0.65 Quarterly Dividend

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Thursday, August 29th, Zacks reports. Stockholders of record on Friday, September 27th will be given a dividend of 0.652 per share by the bank on Monday, October 28th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Friday, September 27th.

Canadian Imperial Bank of Commerce has increased its dividend payment by an average of 6.1% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 47.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $5.59 per share next year, which means the company should continue to be able to cover its $2.65 annual dividend with an expected future payout ratio of 47.4%.

Canadian Imperial Bank of Commerce Trading Up 0.6 %

Shares of CM stock opened at $62.00 on Thursday. The company has a market capitalization of $58.56 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 1.86 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $54.84 and a 200 day moving average price of $50.90. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $62.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter last year, the firm earned $1.14 earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

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.