Canadian Imperial Bank of Commerce (NYSE:CM) Announces Quarterly Dividend of $0.69

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Friday, December 6th,Wall Street Journal reports. Shareholders of record on Friday, December 27th will be paid a dividend of 0.6912 per share by the bank on Tuesday, January 28th. This represents a $2.76 annualized dividend and a yield of 4.15%. The ex-dividend date is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65.

Canadian Imperial Bank of Commerce has raised its dividend payment by an average of 6.1% annually over the last three years and has increased its dividend every year for the last 13 years. Canadian Imperial Bank of Commerce has a payout ratio of 48.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Canadian Imperial Bank of Commerce to earn $5.51 per share next year, which means the company should continue to be able to cover its $2.59 annual dividend with an expected future payout ratio of 47.0%.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

Shares of NYSE CM traded up $0.08 during midday trading on Friday, reaching $66.66. 960,682 shares of the company’s stock traded hands, compared to its average volume of 1,364,972. The company has a market cap of $62.97 billion, a price-to-earnings ratio of 13.10, a P/E/G ratio of 1.67 and a beta of 1.06. The stock’s 50 day simple moving average is $62.99 and its 200-day simple moving average is $55.94. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a one year low of $42.28 and a one year high of $67.14.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CM shares. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $97.00 price target (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus price target of $89.00.

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.