BMO Capital Markets Issues Positive Forecast for Canadian Imperial Bank of Commerce (TSE:CM) Stock Price

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective increased by BMO Capital Markets from C$81.00 to C$99.00 in a research note released on Monday morning,BayStreet.CA reports.

Several other analysts have also commented on CM. Desjardins increased their price target on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Canaccord Genuity Group raised their price target on Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a research report on Tuesday, August 13th. Scotiabank upped their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and lifted their price objective for the stock from C$75.00 to C$83.00 in a research report on Friday, August 30th. Finally, Barclays boosted their target price on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an “underweight” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$81.08.

Canadian Imperial Bank of Commerce Stock Performance

The business’s 50-day moving average price is C$84.81 and its two-hundred day moving average price is C$73.93. The firm has a market capitalization of C$84.78 billion, a PE ratio of 12.99, a PEG ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 1-year low of C$51.60 and a 1-year high of C$90.57.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The business had revenue of C$6.60 billion during the quarter, compared to the consensus estimate of C$6.31 billion. As a group, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a dividend of $0.90 per share. The ex-dividend date was Friday, September 27th. This represents a $3.60 annualized dividend and a dividend yield of ∞. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.10%.

Insider Buying and Selling

In related news, Director Harry Kenneth Culham sold 800 shares of Canadian Imperial Bank of Commerce stock in a transaction on Monday, September 30th. The shares were sold at an average price of C$83.20, for a total transaction of C$66,560.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total transaction of C$441,791.70. In the last ninety days, insiders have sold 203,057 shares of company stock valued at $16,823,249. 0.02% of the stock is currently owned by company insiders.

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.