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. Shareholders 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 yield of 4.15%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 6.1% per year over the last three years and has raised its dividend every year for the last 13 years. Canadian Imperial Bank of Commerce has a payout ratio of 51.5% 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 $2.77 annual dividend with an expected future payout ratio of 46.3%.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $66.66 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $42.28 and a fifty-two week high of $67.14. The company has a market capitalization of $62.97 billion, a PE ratio of 12.46, a P/E/G ratio of 1.67 and a beta of 1.06. The company has a 50 day moving average price of $63.10 and a 200-day moving average price of $56.11. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $97.00 price target (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report 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 report on Friday. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Company Profile

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.