Canadian Imperial Bank of Commerce (NYSE:CM) Announces Earnings Results, Beats Estimates By $0.17 EPS

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM released its quarterly earnings data on Thursday. The bank reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.17, Zacks reports. The firm had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.81 billion. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%.

Canadian Imperial Bank of Commerce Trading Down 1.5 %

NYSE:CM traded down $0.90 during trading hours on Monday, reaching $59.68. 880,470 shares of the stock were exchanged, compared to its average volume of 1,152,381. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month 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. The business has a 50-day moving average of $62.48 and a two-hundred day moving average of $61.99. The company has a market capitalization of $56.24 billion, a price-to-earnings ratio of 11.16, a PEG ratio of 1.62 and a beta of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 47.67%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. StockNews.com upgraded 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 raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and an average target price of $92.00.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.