Canadian Imperial Bank of Commerce (CM.TO)…

Canadian Imperial Bank of Commerce (CM.TO)

160.31

+2.34 (1.48%)

as of Jun 19, 2026, 8:00:01 pm Market Open.

660 watching

BUY

Likes it. More Canadian-centric than their peers. The banks are delivering very good ROE, though not sure if they can maintain that. CM pays a dividend over 4%. It's well-managed.

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BUY ON WEAKNESS

Took some profits on Canadian banks just after earnings. When stocks stop rising on good news, take some profits. Across the board, banks beat expectations. Still owns this, BMO and BNS. Dividend is safe and capital levels are so high right now, you will see buybacks being allowed back along with dividend increases. Will buy when there is some weakness.

DON'T BUY

With rates moving up since last summer it has been positive for the lenders. This is more of the driver of the business than any company-specific story. The story is muddier now so she is not going into it.

HOLD

Tends to lag in all but very strong market conditions. One of the more aggressive of the Canadian banks. He's cautious. A very positive macro environment has created the returns you'd expect from the banks. He favours BMO or NA as, when regulatory restrictions are lifted, these are the two most likely to hike dividends.

BUY

Allan Tong’s Discover Picks CM stock has climbed nearly 17% year-to-date, even beating the traditional sector leader, Royal Bank, which has gained less than 13%. CM stock still trades cheaper than other TSX stock peers, though the gap has narrowed. CM stock’s PE now stands at 14.8x while RY’s is 15.3x. However, TD trades at 13.4x. Any of the big banks is a buy. However, one knock against CIBC is its weak presence in the U.S. CIBC is overlooked like the middle child in a family as investors focus on Royal and TD, but historically the underperforming bank stock one year tends to outperform the next, so 2021 could be CIBC’s year. Read 3 Enticing TSX Stocks: Banks, REITs and Tech for our full analysis.

BUY

His favourite of the Canadian banks right now. Around 8-10x earnings. Good yield relative to some of the others. Price to book is at the mid-lower end. He also likes RY and BNS.

BUY

It's a lot more competitively priced than Royal. It trades at 1.4x book and pays a safe dividend over 4.5%. He expects growth in the coming years. The banks have been unable to raise dividends, but that's likely to change if the recovery takes hold.

TOP PICK

The banks lagged this past year, but their earnings delivered as capital markets delivered. Interest rates have hurt this year, but should tick higher in the future. The banks hold excess capital. They've more than covered loan-loss provisions. They will buy back shares again and do acquisitions. He now likes Canadian banks for the first time in a while. (Analysts’ price target is $120.16)

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PAST TOP PICK

(A Top Pick Jul 16/19, Up 1%) It's the best performer of the big 5 banks and pays the second-highest dividend that'll make up most of returns. Don't expect share appreciation in banks, but still a solid business with banks getting a piece of the equity management business. But the lending spread will be challenged for some time for banks. He has reduced his bank exposure overall, seeing challenges in banks for a while to come.

HOLD

In Canada, the big banks are good value creators over time. However, he prefers geographic and business diversification, and CM is underdeveloped in the U.S. despite a recent purchase down there. Their asset management is a fee-based business so it isn't effected by low interest rates or loan loss provisions. Their large exposure to lending and deposit activities is a disadvantage. Historically, the big banks yield double-digit returns, including dividend, and CM grows its dividend at 7-8% yearly--but not every year, not this year. If you own, then hold. If not, look at another Canadian bank.

BUY

Canadian bank for dividends? For a 10-15 year time horizon, the Canadian banks are a pocket of value. They are trading less than 10 times forward earnings, which already include loan loss provisions. They have high asset qualities. Buying here is a winning formula for the long term. The dividend will pay you to wait for the market to return to normal post-pandemic. TD, RY and BNS happen to be the ones he favors for his clients. They have exposure to international markets. BNS has the best valuation and the dividend yield is better than its peers.

BUY

He still likes it. It is at somewhat of a discount. It is more Canadian-centric compared to competitors. Over the next few quarters he thinks provisions for loan losses will rise. They are at a reasonable price.

PAST TOP PICK

(A Top Pick Jul 15/19, Down 1%) The best performing Canadian bank of the past 12 months. It continues to go through a transition. On a long term basis, CM still has good things going for it compared to its peers, giving them an opportunity to increase market share.

BUY

There is a nice recovery in the Canadian banking sector. This shows they have likely over reserved for credit losses. There are a lot of moving parts and he is surprised about how agreeable the banks are to deferrals of mortgages. Higher oil prices is helping as well. Now is a decent time to pick a bank for your portfolio.

COMMENT

Preferred shares? He holds preferreds for their clients. These are senior to common stock and are more risky than bonds. The preferred market is unique to Canada and lacks liquidity at times. The yields are very attractive at 6% or higher. Just be careful of the difference between the "rate reset" offerings that renew their dividends based on the Bank of Canada interest rates. He would suggest owing the perpetual shares instead that have a constant dividend.

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Canadian Imperial Bank of Commerce (CM.TO)