Desjardins upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) (TSE:CM) from a hold rating to a moderate buy rating in a research note issued to investors on Friday, Zacks.com reports.
Several other research analysts have also issued reports on the stock. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a report on Saturday, July 20th. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a report on Monday, June 3rd. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a neutral rating for the company. Finally, BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an outperform rating in a research note on Friday, May 31st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of Hold and a consensus target price of $67.00.
Check Out Our Latest Stock Analysis on Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce Trading Up 2.9 %
Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last released its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The firm had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.
Canadian Imperial Bank of Commerce Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Friday, June 28th were issued a $0.653 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date was Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.12%.
Hedge Funds Weigh In On Canadian Imperial Bank of Commerce
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $29,000. Glassman Wealth Services raised its stake in Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after acquiring an additional 253 shares during the period. Janiczek Wealth Management LLC raised its stake in Canadian Imperial Bank of Commerce by 34.9% in the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after acquiring an additional 222 shares during the period. EverSource Wealth Advisors LLC raised its stake in Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $51,000. 49.88% of the stock is owned by hedge funds and other institutional investors.
Canadian Imperial Bank of Commerce Company Profile
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.
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