Canadian Imperial Bank of Commerce (TSE:CM) Increases Dividend to $0.97 Per Share

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) announced a quarterly dividend on Thursday, December 5th,RTT News reports. Shareholders of record on Friday, December 27th will be given a dividend of 0.97 per share on Tuesday, January 28th. This represents a $3.88 annualized dividend and a yield of 4.33%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

Shares of CM opened at C$89.57 on Thursday. The firm has a market cap of C$84.64 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The company’s fifty day moving average is C$86.88 and its two-hundred day moving average is C$76.03. Canadian Imperial Bank of Commerce has a fifty-two week low of C$56.68 and a fifty-two week high of C$92.17.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CM. Royal Bank of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a report on Friday, August 30th. National Bankshares lifted their target price on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. TD Securities lifted their target price on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a report on Friday, November 15th. Desjardins lifted their price target on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Jefferies Financial Group dropped their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus target price of C$87.17.

Insider Transactions at Canadian Imperial Bank of Commerce

In related news, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of C$83.40, for a total transaction of C$3,087,634.80. Also, Director Harry Kenneth Culham sold 50,000 shares of the stock in a transaction that occurred on 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. In the last three months, insiders sold 197,527 shares of company stock valued at $16,381,457. Company insiders own 0.02% of the company’s stock.

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.