Canadian Imperial Bank of Commerce (CM) To Go Ex-Dividend on December 27th

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Friday, December 6th,Wall Street Journal reports. Stockholders of record on Friday, December 27th will be paid a dividend of 0.6912 per share by the bank on Tuesday, January 28th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date is Friday, December 27th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65.

Canadian Imperial Bank of Commerce has raised its dividend by an average of 6.1% 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 payout ratio of 49.1% indicating that its dividend is sufficiently covered by earnings. Research 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 $2.70 annual dividend with an expected future payout ratio of 45.2%.

Canadian Imperial Bank of Commerce Trading Up 0.1 %

Shares of CM opened at $64.37 on Wednesday. The firm’s fifty day moving average is $64.29 and its two-hundred day moving average is $57.55. The stock has a market cap of $60.80 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $43.86 and a 52-week high of $67.45.

Analysts Set New Price Targets

Several brokerages recently issued reports on CM. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $97.00 price objective (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, December 6th. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of $89.00.

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.