Canadian Imperial Bank of Commerce (TSE:CM) to Issue $0.90 Quarterly Dividend

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) announced a quarterly dividend on Friday, September 27th, RTT News reports. Investors of record on Monday, October 28th will be given a dividend of 0.90 per share on Monday, October 28th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend is Friday, September 27th.

Canadian Imperial Bank of Commerce Trading Up 0.9 %

CM stock opened at C$83.62 on Thursday. The company has a 50-day moving average price of C$74.86 and a 200 day moving average price of C$69.50. Canadian Imperial Bank of Commerce has a 12 month low of C$47.44 and a 12 month high of C$84.17. The stock has a market cap of C$79.02 billion, a PE ratio of 12.10, a P/E/G ratio of 3.01 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of C$6.31 billion. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.5778986 EPS for the current year.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of research analyst reports. Barclays boosted their price target on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research note on Friday, August 30th. Jefferies Financial Group lowered their target price on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and lifted their target price for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and increased their price target for the stock from C$75.00 to C$83.00 in a report on Friday, August 30th. Finally, Desjardins lifted their price objective 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 report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$79.15.

Insiders Place Their Bets

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. In other news, Director Harry Kenneth Culham sold 50,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. Insiders have sold a total of 152,257 shares of company stock valued at $12,585,939 in the last 90 days. 0.02% of the stock is owned by 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.