Cormark Upgrades Canadian Imperial Bank of Commerce (TSE:CM) to “Buy”

Cormark upgraded shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from a market perform rating to a buy rating in a research report released on Friday, BayStreet.CA reports. The firm currently has C$83.00 target price on the stock, up from their prior target price of C$75.00.

Other research analysts have also recently issued research reports about the company. UBS Group set a C$70.00 price target on Canadian Imperial Bank of Commerce and gave the stock a neutral rating in a research note on Tuesday, July 2nd. TD Securities upped their price objective on Canadian Imperial Bank of Commerce from C$76.00 to C$83.00 in a report on Thursday, August 8th. Royal Bank of Canada upped their price objective on Canadian Imperial Bank of Commerce from C$68.00 to C$69.00 and gave the company a sector perform rating in a report on Friday, May 31st. Canaccord Genuity Group upped their price objective on Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a report on Tuesday, August 13th. Finally, Barclays upped their price objective on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an underweight rating in a report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of C$79.15.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at C$78.76 on Friday. The company has a market cap of C$74.27 billion, a P/E ratio of 12.02, a PEG ratio of 3.01 and a beta of 1.12. The stock has a fifty day moving average price of C$69.53 and a 200 day moving average price of C$67.29. Canadian Imperial Bank of Commerce has a 12 month low of C$47.44 and a 12 month high of C$79.62.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, May 30th. The company reported C$1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.66 by C$0.09. Canadian Imperial Bank of Commerce had a return on equity of 11.92% and a net margin of 29.25%. The company had revenue of C$6.16 billion during the quarter, compared to analysts’ expectations of C$6.11 billion. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.3207171 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 4.57%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 54.96%.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, Senior Officer John Hountalas sold 20,808 shares of the company’s stock in a transaction dated 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. In other news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. Also, Senior Officer John Hountalas sold 20,808 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. Insiders own 0.02% of the company’s stock.

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.