Canadian Imperial Bank of Commerce (NYSE:CM) to Issue $0.67 Quarterly Dividend

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Stockholders of record on Friday, March 28th will be paid a dividend of 0.6723 per share by the bank on Monday, April 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend is Friday, March 28th.

Canadian Imperial Bank of Commerce has raised its dividend payment by an average of 7.0% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 45.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $5.98 per share next year, which means the company should continue to be able to cover its $2.69 annual dividend with an expected future payout ratio of 45.0%.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM traded up $0.65 during mid-day trading on Friday, reaching $60.55. 607,084 shares of the company’s stock were exchanged, compared to its average volume of 1,170,885. Canadian Imperial Bank of Commerce has a one year low of $46.50 and a one year high of $67.45. The business’s fifty day simple moving average is $62.56 and its two-hundred day simple moving average is $61.77. The firm has a market capitalization of $57.06 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Analyst Ratings Changes

CM has been the subject of several recent analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $92.00.

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.