Canadian Imperial Bank of Commerce (TSE:CM) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) have been assigned a consensus recommendation of “Hold” from the twelve ratings firms that are covering the stock, MarketBeat reports. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is C$63.06.

Several brokerages have recently weighed in on CM. Scotiabank cut their price objective on shares of Canadian Imperial Bank of Commerce from C$66.00 to C$62.00 and set a “sector perform” rating on the stock in a report on Monday, August 21st. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from C$65.00 to C$69.00 and gave the stock an “outperform” rating in a report on Friday, September 1st. Barclays cut their price target on shares of Canadian Imperial Bank of Commerce from C$58.00 to C$57.00 and set an “equal weight” rating on the stock in a report on Friday, September 1st. Canaccord Genuity Group raised their price target on shares of Canadian Imperial Bank of Commerce from C$62.00 to C$64.00 and gave the company a “buy” rating in a report on Monday, July 24th. Finally, CSFB cut their price target on shares of Canadian Imperial Bank of Commerce from C$57.00 to C$56.00 and set a “neutral” rating on the stock in a report on Friday, September 1st.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at C$55.02 on Friday. The firm has a market cap of C$50.84 billion, a P/E ratio of 11.25, a PEG ratio of 31.58 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 1-year low of C$53.01 and a 1-year high of C$65.24. The firm’s 50-day simple moving average is C$55.60 and its 200-day simple moving average is C$56.69.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 27th will be paid a dividend of $0.87 per share. The ex-dividend date is Wednesday, September 27th. This represents a $3.48 dividend on an annualized basis and a dividend yield of 6.32%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 71.17%.

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.