Canaccord Genuity Cuts Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$84.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price objective lowered by Canaccord Genuity from C$109.00 to C$84.00 in a research report sent to investors on Wednesday, BayStreet.CA reports.

Several other equities research analysts have also recently commented on CM. Citigroup raised shares of Canadian Imperial Bank of Commerce from a neutral rating to a buy rating and cut their price objective for the company from C$113.00 to C$93.00 in a research report on Wednesday, May 6th. National Bank Financial lifted their price target on shares of Canadian Imperial Bank of Commerce from C$84.00 to C$87.00 and gave the company a sector perform rating in a research note on Sunday, May 17th. Royal Bank of Canada lowered their price target on shares of Canadian Imperial Bank of Commerce from C$121.00 to C$120.00 and set a sector perform rating on the stock in a research note on Thursday, February 27th. Scotiabank lowered their price target on shares of Canadian Imperial Bank of Commerce from C$120.00 to C$98.00 in a research note on Tuesday, March 31st. Finally, TD Securities upgraded shares of Canadian Imperial Bank of Commerce from a hold rating to an action list buy rating and lowered their price target for the company from C$110.00 to C$105.00 in a research note on Friday, March 20th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of C$101.92.

TSE CM opened at C$82.30 on Wednesday. Canadian Imperial Bank of Commerce has a twelve month low of C$67.52 and a twelve month high of C$115.96. The stock has a market cap of $36.34 billion and a PE ratio of 7.34. The firm has a 50-day simple moving average of C$81.03 and a 200 day simple moving average of C$100.15.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Wednesday, February 26th. The company reported C$3.24 earnings per share for the quarter, beating analysts’ consensus estimates of C$2.97 by C$0.27. The company had revenue of C$4.86 billion during the quarter, compared to analyst estimates of C$4.74 billion. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 11.2800004 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were paid a dividend of $1.46 per share. The ex-dividend date was Thursday, March 26th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.44. This represents a $5.84 annualized dividend and a dividend yield of 7.10%. Canadian Imperial Bank of Commerce’s payout ratio is currently 50.63%.

In related news, Senior Officer Christina Charlotte Kramer bought 2,725 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, March 12th. The stock was acquired at an average price of C$73.30 per share, with a total value of C$199,742.50. Following the acquisition, the insider now owns 8,465 shares of the company’s stock, valued at approximately C$620,484.50. Also, Director Harry Kenneth Culham bought 2,297 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, March 9th. The shares were bought at an average cost of C$87.00 per share, with a total value of C$199,839.00. Following the acquisition, the director now directly owns 2,297 shares in the company, valued at approximately C$199,839. Insiders have bought a total of 33,022 shares of company stock worth $2,393,742 over the last 90 days.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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