CM.TO - Canadian Imperial Bank of Commerce
| Previous Close | 90.11 |
| Open | 90.18 |
| Bid | 91.59 x 0 |
| Ask | 91.47 x 0 |
| Day's Range | 90.15 - 91.73 |
| 52 Week Range | 67.52 - 115.96 |
| Volume | 3,891,818 |
| Avg. Volume | 2,310,238 |
| Market Cap | 40.779B |
| Beta (5Y Monthly) | 0.96 |
| PE Ratio (TTM) | 10.07 |
| EPS (TTM) | 9.10 |
| Earnings Date | Aug. 20, 2020 - Aug. 24, 2020 |
| Forward Dividend & Yield | 5.84 (6.48%) |
| Ex-Dividend Date | Jun. 26, 2020 |
| 1y Target Est | 93.38 |
- Reuters
Top Canadian lenders plan to fill 3.5% of senior roles with Black employees
Bank of Nova Scotia and Canadian Imperial Bank of Commerce said they plan to fill at least 3.5% of their top roles with Black employees as part of an initiative that aims to fight racism and improve the representation of Black people in boardrooms. The initiative, labeled "BlackNorth," was launched by Wes Hall, a prominent Canadian businessman and the chairman of proxy advisory firm Kingsdale Advisors. It urged executives to fill at least 3.5% of senior executive and board positions in Canada with Black leaders by 2025.
- The Motley Fool
TFSA Income Alert: 3 Top Stocks Now Yielding 6-9%
Here's why Enbridge (TSX:ENB)(NYSE:ENB) and another two top stocks with high yields deserve to be on your radar today.The post TFSA Income Alert: 3 Top Stocks Now Yielding 6-9% appeared first on The Motley Fool Canada.
- The Motley Fool
Income Investing: 2 Dividend Machines to Buy
Looking to add to an income investing strategy while stocks are cheap? Check out two TSX giants that should be on your shopping list.The post Income Investing: 2 Dividend Machines to Buy appeared first on The Motley Fool Canada.
- The Motley Fool
Here’s the Number 1 Threat to Your Portfolio
There is a lot of negative noise affecting your portfolio, but there is one threat that is making the most damage. Luckily, you can change it today.The post Here’s the Number 1 Threat to Your Portfolio appeared first on The Motley Fool Canada.
- The Motley Fool
Are Canadian Banks Must-Buys Right Now?
Royal Bank of Canada (TSX:RY)(NYSE:RY) and the Canadian banks face a tough uphill battle in the second half of 2020, but should you still buy?The post Are Canadian Banks Must-Buys Right Now? appeared first on The Motley Fool Canada.
- The Motley Fool
TFSA Investors: Why Now’s the Perfect Time to Load Up on Bank Stocks
Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) is a steal of a deal that may not last for long.The post TFSA Investors: Why Now's the Perfect Time to Load Up on Bank Stocks appeared first on The Motley Fool Canada.
- The Motley Fool
$4.9 Billion Canadian Equities Sold in April: Should You Sell Also?
Foreign investors went on a buying spree in Canada’s debt market in April but sold stock holdings. Their assessment might be wrong after the TSX posted its best quarter since 2011. Assets like the CIBC stock remain profitable options for income investors.The post $4.9 Billion Canadian Equities Sold in April: Should You Sell Also? appeared first on The Motley Fool Canada.
- The Motley Fool
3 Dividend All-Star Stocks to Buy in July
Canadian investors should target dividend all-star stocks like Imperial Oil Ltd. (TSX:IMO)(NYSE:IMO) to beef up their portfolios in July.The post 3 Dividend All-Star Stocks to Buy in July appeared first on The Motley Fool Canada.
- Bloomberg
Bank of Canada Says Business Sentiment Is at Lowest Since 2009
(Bloomberg) -- Canadian business sentiment has fallen to its lowest level since the 2008-2009 recession as sales slow and uncertainty about future growth remains elevated, according to a survey of executives released Monday by the Bank of Canada.The Ottawa-based central bank polled businesses between May 12 and June 5 to gauge sentiment during the pandemic. The results show that even as provinces begin to reopen their economies, many businesses are still struggling with weak demand.The plunge in sentiment is hardly a surprise, given the nation fell into its deepest recession last quarter since the Great Depression. While there are some positive notes with the central bank highlighting that many businesses expect a fairly quick rebound, the overall gist of the data paints a business sector that has suffered a major shock.Results “suggest that business sentiment is strongly negative in all regions and sectors due to impacts from the Covid-19 pandemic and the drop in oil prices,” the Bank of Canada said in a summary of its findings.The composite gauge of sentiment declined to -7, the lowest reading since the financial crisis. Companies reported growing slack in capacity, easing price pressures and collapsing forward-sales expectations. Firms also signaled a significant decrease in capital spending plans, along with weakening hiring intentions despite the massive increase in job losses in recent months.The survey “was extraordinarily weak, but that comes as no surprise given the survey was taken when swathes of the economy were still shut,” Benjamin Reitzes, Canadian rates and macro strategist at Bank of Montreal, said in a report.Almost half of all executives surveyed reported a decline in sales in the past 12 months because of the impact from Covid-19, lower energy prices and heightened uncertainty. Businesses continue to expect weak demand in the future with more firms expecting lower future sales growth in the next year. Indicators of future sales -- like orders and sales inquiries -- fell to record lows.“Firms reported that, while capacity could resume quickly as the economy reopens and containment measures are lifted, the recovery in demand is expected to be more gradual,” the report said.Government AidStill, business seems to be less pessimistic than they were during the financial crisis -- with more than half of firms expecting their sales and employment levels to be near pre-pandemic levels within a year.Government support seems to be buffering the economic fallout, with some firms citing the federal government’s wage subsidy program as helping reduce the need for layoffs. The survey was also taken in May when lockdowns were being lifted, mitigating the impact on the numbers.“The headline reading probably could have been even worse if the survey had been conducted a month earlier,” Andrew Grantham and Katherine Judge, economists at Canadian Imperial Bank of Commerce, said in a report.While millions of jobs were lost in March and April due to the pandemic-induced shutdowns, jobs have started to come back and the results of the survey reinforce the view that employers are looking to rehire. A majority of firms that recently let go workers have plans to refill at least some of the positions in the next 12 months, the survey found.Still, the era of tight labor markets in Canada is over. The share of businesses reporting major labor shortages has declined significantly, suggesting a “broad-based increase in labor market slack”.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
CNW GroupStudents experiencing income disruption at double the rate of adults due to COVID-19: CIBC poll
TORONTO , July 6, 2020 /CNW/ - A new CIBC poll has revealed that 87 per cent of post-secondary students in Canada are experiencing one or more financial concerns including how tuition and living expenses will be funded next term. "Every student's financial situation is unique and it can be overwhelming to manage current finances while also thinking ahead to next year and beyond, and yet it's important to do both," says Golombek.
- Reuters
Canada's biggest banks join boycott of Facebook platforms
Canada's biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc begun by U.S. civil rights groups seeking to pressure the world's largest social media platform to take concrete steps to block hate speech. More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a Black man who died in police custody in Minneapolis on May 25. Canadian lenders Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce all said they will pause advertising on Facebook platforms in July.
- The Motley Fool
Market Crash Update: Brace for a Second Market Crash With These Top Tips
When will the next market crash hit? Brace yourself with key tips, including my analysis on the Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM).The post Market Crash Update: Brace for a Second Market Crash With These Top Tips appeared first on The Motley Fool Canada.
CNW GroupCIBC Announces Dividend Rates for NVCC Preferred Shares Series 43 and NVCC Preferred Shares Series 44
CIBC Announces Dividend Rates for NVCC Preferred Shares Series 43 and NVCC Preferred Shares Series 44
- The Motley Fool
2 Stellar Bank Stocks To Buy Today
Canadian investors should buy high dividend bank stocks like Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) on the Toronto Stock Exchange.The post 2 Stellar Bank Stocks To Buy Today appeared first on The Motley Fool Canada.
CNW GroupMore Canadians are worrying about the economy and over half are cutting discretionary spending: CIBC Poll
TORONTO , June 29, 2020 /CNW/ - COVID-19's impact on the economy is causing many Canadians to worry about the future: 79 per cent of respondents in CIBC's Financial Priorities Poll say they are concerned about continued recessionary times next year, compared to 55 per cent who said they feared an economic downturn in a December 2019 survey. Economic worries may be a factor in why many Canadians are adjusting their financial habits. Many respondents (63 per cent) say they have significantly cut down on discretionary spending and more than half (55 per cent) agree they need to get a better handle on their finances this year.
- The Motley Fool
Applying for CERB? Beware the Hidden Tax
With the CERB now extended for 24 weeks and another round, even more Canadians are hopping on board. But be warned: there are a few catches attached to this benefit.The post Applying for CERB? Beware the Hidden Tax appeared first on The Motley Fool Canada.
- The Motley Fool
Millennials: Your Savings Alone Aren’t Nearly Enough
Millennials have it rough during this pandemic, with job loss and savings becoming severely depleted, but there is a way out of the hole of debt and into the black once again.The post Millennials: Your Savings Alone Aren't Nearly Enough appeared first on The Motley Fool Canada.
- The Motley Fool
Jobs Down, Stocks Up: Is the Market Being Irrational?
Despite GDP and other economic indicators falling, stocks like the Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) are rising.The post Jobs Down, Stocks Up: Is the Market Being Irrational? appeared first on The Motley Fool Canada.
- The Motley Fool
TFSA Investors: 3 Super Bank Dividend Stocks to Buy Today
High-yield bank dividend stocks like Canadian Western Bank (TSX:CWB) are the perfect stash in a TFSA to start the summer.The post TFSA Investors: 3 Super Bank Dividend Stocks to Buy Today appeared first on The Motley Fool Canada.
CNW GroupCIBC Announces Changes to its Mutual Fund Lineup
TORONTO , June 25, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - CIBC today announced the lowering of initial minimum investments for CIBC Passive Portfolios, the renaming of classes on select mutual funds, ...
- Baystreet
Why This Canadian Bank Is A Great Dividend Choice
With a relief rally in Canadian banks and the overall market for that matter gripping investors, many ...
- The Motley Fool
Dividend Investing: 2 Stocks With Juicy Yields
When it comes to dividend investing, consistency and reliability reign supreme. These two TSX giants are offering juicy and stable yields.The post Dividend Investing: 2 Stocks With Juicy Yields appeared first on The Motley Fool Canada.
- Bloomberg
Canada Becomes First to Lose AAA Status at Fitch on Virus Woes
(Bloomberg) -- Fitch Ratings stripped Canada of its AAA status amid a spike in emergency spending for Covid-19, making it the first top-rated country to be downgraded by the ratings agency during the pandemic.The country is expected to run a bigger government deficit this year and emerge from the recession with much higher public debt ratios, Fitch said Wednesday. It cut the country’s rating one notch to AA+.Canada still has a AAA rating with S&P Global Ratings, making it only one of two countries left in the Group of Seven to hold that status; Germany is the other. Moody’s Investors Service also gives Canada its highest rating.“The question is what took so long. Canada’s excessively leveraged national balance sheet has looked a lot like China, Italy and Greece for quite a while,” said David Rosenberg, founder of Rosenberg Research and Associates and former chief North American economist at Merrill Lynch & Co. “This won’t be the last ratings cut, I can assure you.” He had predicted the downgrade in an April research note that said the “Great Canadian Debt Surge has come home to roost.”Canada’s national government is on track to post its largest deficit on record in the 2020-2021 fiscal year. The shortfall may reach about 12% of gross domestic product compared with 1.1% last year, according to the Parliamentary Budget Officer.“Canada continues to be in a stronger financial position than many other countries in the G-7 and G-20,” Finance Minister Bill Morneau said in a statement. “We will continue to be fiscally responsible while acting to protect our country and its economy.”Fitch expects the coronavirus response to raise Canada’s consolidated gross general government debt to 115.1% of GDP in 2020, up from 88.3% last year. “The higher deficit is largely driven by public spending to counteract a sharp fall in output as parts of the economy were shuttered to contain the spread of the coronavirus,” the company said in the report.IndifferentThe Canadian dollar briefly weakened to a session low, hitting C$1.36 per U.S. dollar, before rebounding.Bank of Montreal’s Chief Executive Officer Darryl White shrugged off the news.“The Government of Canada will still have a AAA credit rating by other agencies, I think one of only two G-7 countries that can say that, and there’s plenty of access to capital and the cost of capital relative to other countries and relative to history is very, very low,” he said in an interview on BNN Bloomberg.Derek Holt concurs. “Markets don’t seem to care, rightly so in my view,” said the economist at Bank of Nova Scotia. “Every sovereign is under the same pressure. Ratings are a relative game and even at that there is a long list of more dominant market factors. It’s one agency that stripped Canada of some political bragging rights, but the tangible impact is scant to non-existent.”For Bipan Rai, head of foreign exchange strategy at Canadian Imperial Bank of Commerce, things may get volatile for the loonie if another agency follows. “The question is who’s next to downgrade? If it’s Moody’s, then there is a risk of portfolio outflows,” he added, noting that Canada’s current account deficit is financed heavily by foreign fund inflows.The North American economy is set to contract 7.1% in 2020 compared to 1.6% growth last year, according to median consensus of analysts compiled by Bloomberg. Canada’s government is rolling out a plan of more than C$230 billion ($169 billion) of subsidies, grants and tax deferrals in a bid to offset the impact of the pandemic.Gradually improving global trade, commerce and domestic labor market conditions may allow Canada’s economy to grow 3.9% in 2021, according to Fitch projections. Nonetheless, Canada’s medium-term growth prospects “are limited by structural investment challenges and are below many developed markets peers,” the ratings company said.Who’s Next?“It will take Canada approximately 6-12 months longer to return to 2019 GDP levels than the U.S. or several other developed markets,” said Alexandra Gorewicz, portfolio manager and head of rates at CI Investment. “Fitch partly alluded to this structural issue in their release by highlighting that prior to the pandemic.”The downgrade raises concerns that other top-rated countries such as Australia, which was put on negative outlook by Fitch, may follow suit. After today’s rating action, Fitch has kept its AAA rating for ten countries, of which the U.S. and Germany are part of the Group of Seven economies.“Covid-19 impact on G-7 economies has been quite similar to each other while monetary and fiscal stimulus have also been quite similar and proportionate,” said Imran Chaudhry, a senior portfolio manager at Fiera Capital Corp. “It’ll be interesting to see what Fitch does for other sovereign names such as Australia, Germany and most importantly the U.S.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
CNW GroupCIBC Asset Management announces CIBC ETF cash distributions for June 2020
CIBC Asset Management announces CIBC ETF cash distributions for June 2020
- Bloomberg
Macklem Sees Long Road Ahead for Canada’s Economic Recovery
(Bloomberg) -- Canada’s economy will take a long time to fully recover from the Covid-19 lockdowns, requiring the central bank to continue purchases of government bonds to keep interest rates at historical lows indefinitely, according to Tiff Macklem.In his first public speech as governor, Macklem said Canada’s economy should resume growth in the third quarter as containment measures are lifted. He cautioned, however, that any recovery will be “prolonged and bumpy” and the central bank will be “laser-focused” on supporting the rebound with stimulus.“It will be a very long period before we start discussions about removing stimulus,” Macklem said in response to questions after his speech, which he gave via video-conference to Canadian Clubs and Cercles canadiens. “It’s not a discussion we’re engaged in right now.”The economy will get an immediate boost as containment measures are lifted, people are called back to work, and households resume some of their normal activities,” Macklem said. “But it will be important not to assume that these growth rates will continue beyond the reopening phase.”The Bank of Canada, under Macklem’s predecessor Stephen Poloz, took unprecedented actions to make sure businesses, institutions and consumers had access to credit. The bank cut interest rates by 175 basis points to 0.25% and launched a series of programs to inject hundreds of billions of cash into the economy. That includes its first ever large scale asset purchase program to buy government debt -- known as quantitative easing.The central bank will continue to buy government bonds until a rebound is “well underway,” Macklem said, adding that policy makers are worried that demand will be slow in recovering, which could put downward pressure on inflation without the stimulus.Long and GradualMacklem’s comments echo those of Deputy Governor Lawrence Schembri, who said last week the second phase of the recovery will be long and gradual because of the lingering uncertainty around the virus. The bank sees the economy rebounding quickly during the first phase after governments allow normal activities to resume. But after that, the growth trajectory may be uneven and slow, since not all industries will be able to operate until a vaccine is created.“The expected long road back indicates that the Bank will need to provide more stimulus, likely in the form of a more aggressive quantitative easing program,” Royce Mendes, an economist at CIBC World Markets, said in a report to investors.The Bank of Canada has bought almost C$400 billion ($296 billion) in assets since the crisis began to inject liquidity into financial markets. Macklem highlighted on Monday how the purpose of that cash injection has been changing, with the focus now on keeping interest rates low rather than ensuring markets are functioning properly. That’s meant more of the liquidity is targeted at buying up government debt, rather than short-term money market instruments held by banks.Macklem reiterated the bank will continue to purchase at least C$5 billion of Canadian government bonds a week to help lower long-term borrowing costs for households and businesses and signal that rates will remain low for a long period.The bank continues to express concern around the potential for lower inflation. Although businesses are reopening, millions of Canadians remain out of work and spending has dropped. The bank expects supply to be restored faster than demand, which could put downward pressure on prices.“Our main concern is to avoid a persistent drop in inflation by helping Canadians get back to work,” Macklem said.Macklem isn’t a fan of negative rates. The governor made sure to highlight in his speech that low rates could lead to distortions in the behavior or financial institutions, while reiterating policy makers will using asset purchases until a recovery is underway. He didn’t specify when he expects that will happen.Next month, the bank will deliver its July Monetary Policy Report which will contain a central planning scenario for output and inflation. Still, the bank says the pandemic has created a ‘fog of uncertainty’ which has made it difficult to give a clear outlook.“The course of the coronavirus is the biggest source of uncertainty,” Macklem said. “Beyond that, we don’t know how global trade and supply chains will evolve, or what will happen with domestic supply and demand,” or even how spending habits will change or confidence rebounds.Yet, the economy is showing signs of stabilization and as the data comes in, the bank feels more comfortable in its ability to answer some of those questions.(Updates with Macklem’s comments throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
