Canadian Imperial Bank of Commerce (NYSE:CM) Shares Up 11.7%

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s stock price shot up 11.7% on Wednesday . The company traded as high as $51.94 and last traded at $57.80, 86,439 shares traded hands during trading. A decline of 92% from the average session volume of 1,097,139 shares. The stock had previously closed at $51.73.

A number of brokerages recently weighed in on CM. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Tuesday, February 4th. Royal Bank of Canada reiterated a “hold” rating and set a $120.00 price target on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, February 27th. CIBC upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Tuesday, February 4th. Citigroup cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th. Finally, Credit Suisse Group increased their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $110.00 and gave the stock a “neutral” rating in a research note on Thursday, February 27th. Thirteen investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and a consensus price target of $108.00.

The stock has a market cap of $23.02 billion, a price-to-earnings ratio of 6.90, a PEG ratio of 1.70 and a beta of 1.00. The stock’s 50 day moving average is $71.79 and its two-hundred day moving average is $80.74. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Wednesday, February 26th. The bank reported $3.24 EPS for the quarter, topping the Zacks’ consensus estimate of $2.24 by $1.00. The company had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $4.77 billion. Canadian Imperial Bank of Commerce had a net margin of 17.70% and a return on equity of 15.66%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.01 EPS. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 8.69 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a dividend of $1.0955 per share. The ex-dividend date of this dividend is Thursday, March 26th. This represents a $4.38 dividend on an annualized basis and a yield of 7.53%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.09. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 48.38%.

Institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $344,681,000. Alberta Investment Management Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 134.1% in the 4th quarter. Alberta Investment Management Corp now owns 4,145,900 shares of the bank’s stock valued at $345,484,000 after purchasing an additional 2,374,700 shares in the last quarter. Guardian Capital LP increased its holdings in shares of Canadian Imperial Bank of Commerce by 118.7% in the 4th quarter. Guardian Capital LP now owns 1,681,672 shares of the bank’s stock valued at $140,136,000 after purchasing an additional 912,661 shares in the last quarter. Beutel Goodman & Co Ltd. increased its holdings in shares of Canadian Imperial Bank of Commerce by 6.3% in the 3rd quarter. Beutel Goodman & Co Ltd. now owns 1,666,544 shares of the bank’s stock valued at $137,520,000 after purchasing an additional 99,252 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 1.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,611,081 shares of the bank’s stock valued at $134,145,000 after purchasing an additional 29,426 shares in the last quarter. Institutional investors own 45.30% of the company’s stock.

About Canadian Imperial Bank of Commerce (NYSE:CM)

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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