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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Shareholders of record on Friday, March 28th will be paid a dividend of 0.6723 per share by the bank on Monday, April 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date of this dividend 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 every year for the last 14 years. Canadian Imperial Bank of Commerce has a dividend payout ratio of 45.4% indicating that 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 Canadian Imperial Bank of Commerce stock traded up $0.65 on Friday, hitting $60.55. 607,084 shares of the company’s stock traded hands, compared to its average volume of 1,170,885. The firm’s 50-day moving average is $62.56 and its 200 day moving average is $61.77. The stock has a market cap of $57.06 billion, a P/E ratio of 11.32, a PEG ratio of 1.62 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CM. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating 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 increased their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.