Canadian Imperial Bank of Commerce to Issue Quarterly Dividend of $0.67 (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) announced a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Shareholders of record on Friday, March 28th will be given a dividend of 0.6723 per share by the bank on Monday, April 28th. This represents a $2.69 annualized dividend and a yield of 4.44%. The ex-dividend date is Friday, March 28th.

Canadian Imperial Bank of Commerce has increased its dividend payment by an average of 7.0% per year 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 45.4% meaning its dividend is sufficiently covered by earnings. Equities 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 $2.69 annual dividend with an expected future payout ratio of 45.0%.

Canadian Imperial Bank of Commerce Stock Up 1.1 %

Shares of NYSE:CM opened at $60.55 on Friday. The business’s 50 day moving average is $62.48 and its 200 day moving average is $61.84. The stock has a market cap of $57.06 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CM shares. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, February 14th. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and a consensus target price of $92.00.

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.