Canadian Imperial Bank of Commerce (TSE:CM) Plans $0.90 Quarterly Dividend

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) declared a quarterly dividend on Thursday, May 30th, RTT News reports. Investors of record on Friday, June 28th will be paid a dividend of 0.90 per share on Monday, July 29th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date is Friday, June 28th.

Canadian Imperial Bank of Commerce Stock Performance

Shares of TSE:CM opened at C$65.95 on Thursday. The company’s 50-day moving average is C$66.18 and its 200 day moving average is C$64.70. The company has a market capitalization of C$61.81 billion, a P/E ratio of 10.12, a price-to-earnings-growth ratio of 3.01 and a beta of 1.11. Canadian Imperial Bank of Commerce has a fifty-two week low of C$47.44 and a fifty-two week high of C$69.54.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Thursday, May 30th. The company reported C$1.75 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.66 by C$0.09. The company had revenue of C$6.16 billion for the quarter, compared to the consensus estimate of C$6.11 billion. Canadian Imperial Bank of Commerce had a net margin of 29.50% and a return on equity of 12.14%. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 6.7699387 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CM shares. Cormark upped their price target on Canadian Imperial Bank of Commerce from C$64.00 to C$68.00 in a research report on Friday, March 1st. National Bankshares upped their price target on Canadian Imperial Bank of Commerce from C$76.00 to C$78.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Royal Bank of Canada upped their price target on Canadian Imperial Bank of Commerce from C$68.00 to C$69.00 and gave the company a “sector perform” rating in a research report on Friday, May 31st. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$77.00 in a research report on Friday, May 31st. Finally, TD Securities upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and upped their price objective for the stock from C$65.00 to C$70.00 in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of C$69.21.

Insider Buying and Selling

In related news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of C$67.50, for a total value of C$1,605,285.00. In other Canadian Imperial Bank of Commerce news, Senior Officer John Hountalas sold 20,808 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of C$65.97, for a total value of C$1,372,672.55. Also, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of C$67.50, for a total value of C$1,605,285.00. 0.03% of the stock is currently owned by insiders.

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.