CIBC Receives Moderate Buy Consensus with $167 Target Price

Canadian Imperial Bank of Commerce (NYSE: CM) has received a consensus recommendation of "Moderate Buy" from ten brokerages currently covering the firm, according to Marketbeat Ratings. The breakdown includes five analysts with a "hold" rating, four with a "buy" rating, and one issuing a "strong buy." The average 1-year target price among analysts is $167.00.

Recent reports from brokerages show mixed sentiments. Royal Bank of Canada reiterated an "outperform" rating on August 28th, while TD Securities maintained a "buy" rating on August 12th. Desjardins downgraded the stock from "buy" to "hold" on August 4th, and Scotiabank reissued an "outperform" rating on June 16th. Weiss Ratings upgraded the stock from "buy (b+)" to "buy (a-)" on August 27th.

Shares of CM opened at $110.29 on Tuesday, with a market cap of $100.68 billion. The stock's 50-day moving average is $116.12, and its 200-day moving average is $111.87. The company reported a quarterly earnings per share (EPS) of $1.96 on August 27th, beating estimates of $1.80. Revenue for the quarter was $5.97 billion, exceeding expectations of $5.74 billion.

The bank also announced a quarterly dividend of C$1.07, payable on October 28th to investors of record on September 28th. This represents an annualized dividend of $4.28 and a yield of 3.9%. Institutional investors have shown significant interest, with major purchases by Cibc World Market Inc., Bank of Nova Scotia, TD Waterhouse Canada Inc., Canada Pension Plan Investment Board, and Connor Clark & Lunn Investment Management Ltd. during the second quarter.