Canadian Imperial Bank of Commerce (NYSE:CM) is one of the best dividend stocks to buy. On August 29, BMO Capital lifted its price target on CM to C$107 from C$112 and assigned an Outperform rating to the stock. The bank’s shares have experienced strong upward movement, posting a roughly 30% increase in six months.
BMO raised its price target after CM reported better-than-expected earnings, with cash operating earnings per share of $2.16, beating BMO’s forecast of $1.99 by 9% and the Wall Street estimate of $2.01 by 8%.
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BMO added that Capital Markets also helped outperform earnings expectations, with trading revenue coming in at $567 million, higher than expected.
The bank had a return on equity of 14.2% on a 13.4% CET1 ratio after buying back about 5.5 million shares in the second quarter, and it announced a 20 million normal course issuer bid (NCIB), or around 2.2% of its shares, pending regulatory approval.
Canadian Imperial Bank of Commerce is a financial institution that offers a wide range of services, including banking, loans, investments, insurance, and wealth management.
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