Canadian Imperial Bank of Commerce (TSE:CM) Plans $0.97 Quarterly Dividend

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) announced a quarterly dividend on Thursday, February 27th, RTT News reports. Investors of record on Friday, March 28th will be paid a dividend of 0.97 per share on Monday, April 28th. This represents a $3.88 annualized dividend and a yield of 4.49%.

Canadian Imperial Bank of Commerce Trading Down 0.4 %

TSE:CM opened at C$86.43 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of C$62.59 and a 1 year high of C$95.50. The stock has a 50-day moving average price of C$89.81 and a two-hundred day moving average price of C$85.73. The stock has a market cap of C$80.86 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 3.03 and a beta of 1.12.

Insiders Place Their Bets

In other news, Senior Officer Frank Guse sold 5,360 shares of the firm’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 sale, 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 position. Also, Director Victor George Dodig sold 150,000 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of C$94.22, for a total transaction of C$14,132,865.00. Over the last three months, insiders have sold 177,012 shares of company stock valued at $16,687,218. 0.02% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CM has been the subject of several research analyst reports. UBS Group decreased their price objective on Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a research report on Friday, February 14th. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from C$97.00 to C$103.00 in a research report on Wednesday, January 8th. BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research note on Monday, November 18th. Scotiabank dropped their price target on Canadian Imperial Bank of Commerce from C$114.00 to C$95.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Finally, Cormark upped their price objective on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average target price of C$93.00.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.