Canadian Imperial Bank of Commerce (NYSE:CM) Plans Quarterly Dividend of $0.65

Canadian Imperial Bank of Commerce (NYSE:CMGet Free Report) (TSE:CM) declared a quarterly dividend on Thursday, May 30th, Zacks reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.653 per share by the bank on Monday, July 29th. This represents a $2.61 dividend on an annualized basis and a yield of 5.16%. The ex-dividend date is Friday, June 28th.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 6.1% per year over the last three years and has increased its dividend every year for the last 13 years. Canadian Imperial Bank of Commerce has a payout ratio of 51.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Canadian Imperial Bank of Commerce to earn $5.27 per share next year, which means the company should continue to be able to cover its $2.63 annual dividend with an expected future payout ratio of 49.9%.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $50.59 on Friday. The firm has a market cap of $47.71 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 2.15 and a beta of 1.07. The stock’s 50-day moving average is $48.72 and its 200-day moving average is $46.58. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $51.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CMGet Free Report) (TSE:CM) last released its earnings results on Thursday, February 29th. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 13.07% and a net margin of 10.79%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.47 billion. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on CM shares. Jefferies Financial Group started coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a “buy” rating on the stock. Barclays started coverage on Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating on the stock. Finally, Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $63.00.

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Canadian Imperial Bank of Commerce Company Profile

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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.

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Dividend History for Canadian Imperial Bank of Commerce (NYSE:CM)

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