Canadian Imperial Bank of Commerce (TSE:CM) Rating Increased to Outperform at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from a sector perform rating to an outperform rating in a research report sent to investors on Wednesday morning,BayStreet.CA reports. Royal Bank of Canada currently has C$103.00 price target on the stock, up from their prior price target of C$97.00.

A number of other research analysts have also issued reports on the stock. Canaccord Genuity Group boosted their price target on shares of Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a research note on Friday, December 6th. Cormark boosted their target price on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research report on Friday, December 6th. National Bankshares raised their price target on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. BMO Capital Markets upped their price objective on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. Finally, Scotiabank raised their target price on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average price target of C$95.08.

Canadian Imperial Bank of Commerce Price Performance

Shares of TSE CM opened at C$90.81 on Wednesday. The company has a market cap of C$85.81 billion, a PE ratio of 13.14, a P/E/G ratio of 3.03 and a beta of 1.12. The stock has a fifty day moving average price of C$90.95 and a 200 day moving average price of C$80.26. Canadian Imperial Bank of Commerce has a 1-year low of C$59.53 and a 1-year high of C$95.50.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be issued a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. This represents a $3.88 annualized dividend and a yield of 4.27%. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 52.10%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, Senior Officer Robert Sedran sold 20,652 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of C$94.97, for a total transaction of C$1,961,227.51. Also, Senior Officer Frank Guse sold 5,360 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of C$93.28, for a total transaction of C$499,985.62. Following the completion of the transaction, the insider now owns 440 shares in the company, valued at approximately C$41,043.60. This trade represents a 92.41 % decrease in their ownership of the stock. Insiders have sold 177,012 shares of company stock valued at $16,687,218 over the last quarter. Corporate 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.