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

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Stockholders 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 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Friday, March 28th.

Canadian Imperial Bank of Commerce has increased its dividend by an average of 7.0% annually 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% indicating that 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 $2.69 annual dividend with an expected future payout ratio of 45.0%.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock traded down $2.28 during midday trading on Tuesday, hitting $57.47. The company's stock had a trading volume of 1,420,592 shares, compared to its average volume of 1,139,835. 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 stock's 50-day moving average price is $62.25 and its 200-day moving average price is $62.08. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The company has a market capitalization of $54.15 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05.

Analyst Upgrades and Downgrades

CM has been the topic of several recent analyst reports. Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. StockNews.com raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, February 14th. 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, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and a consensus 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.