Canadian Imperial Bank of Commerce (NYSE:CM) Declares Quarterly Dividend of $0.69

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared 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 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend 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 increased its dividend annually for the last 14 consecutive years. Canadian Imperial Bank of Commerce has a payout ratio of 49.1% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 0.1 %

Canadian Imperial Bank of Commerce stock opened at $64.37 on Wednesday. The company has a market capitalization 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 debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The firm has a 50 day moving average price of $64.29 and a 200 day moving average price of $57.55.

Wall Street Analysts Forecast Growth

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