Canadian Imperial Bank of Commerce (CM.TO)…

Canadian Imperial Bank of Commerce (CM.TO)

158.27

+1.79 (1.14%)

as of Oct 2, 2026, 8:00:00 pm Market Open.

1037 watching

BUY

He would recommend banks as an investment for dividends. About 20% of his portfolio is in banks. Banks are a lot less volatile than other sectors. Dividend growth will be about 5% a year. 5.1% dividend.

BUY

Canadian banks have been bellwethers of most portfolios over the last 10-15 years. They may not be the leaders of the market over the next little while, but they still provide decent returns. It is getting harder and harder for the banks to make money as the spreads narrow on their lending business. Solid holding and the dividends are not in any jeopardy.

COMMENT

Has been a “show me” story after their miscues a couple of years ago. His 2 favourites are Royal Bank (RY-T) and Toronto Dominion (TD-T). For those who like the yield and have some patience this is fine.

TOP PICK

A favourite bank in Canada. Often this one doesn’t get the respect it deserves. Had calamities in history but over last 10 years took great strides at de-risking their balance sheet. One of the strongest capital bases of all the banks and based on return on equity are the most profitable of the 6, yet sell at a discount relative to the others. Thinks they will close that gap. Management is doing a good job of realigning their business mix and repositioning themselves. Their retail banking franchise is one of the stronger ones in Canada. Over 4.5% yield.

DON'T BUY

Cheapest of the bunch. They made a mess of futures contracts. It is one of the best yields. He preferred TD or RY or BMO. He probably would not buy it here but they are cheap on a statistical basis. Watch consumer loans and the growth is coming from capital markets and wealth markets. CM is most exposed to consumer and mortgage loans than any other Canadian bank and that may drag on them.

BUY

It is quite a bit cheaper than the rest of the banks, but at some point it may have gotten too cheap. BNS-T is his favourite bank right now. He also likes NA-T. He is very bullish on Canadian Banks

HOLD

Coming out with earnings next Thursday so watch for this very closely. Chart shows it has done pretty well what the other banks have done. Just came to a new high in the last couple of days. He expects this will continue to test the high of around $86.

BUY

Not his favourite bank. He prefers Toronto Dominion (TD-T) and National (NA-T). Very hard to go too far wrong on Canadian banks. If you are going to buy Canadian banks, you are probably best to buy a couple of them.

TOP PICK

Made great strides in the last few years in de-risking the bank. Boosted their wealth management operations and he expects to see more improvements in this area. Less exposed to structured credit than what they have been. Have a compelling multiple compared to the group. Dividend yield in excess of 5%.

WEAK BUY

Neutral on banking in Canada. Likes dividend of 4.8%. This and TD are the more solid bank names. He prefers BMO covered call ETF instead.

COMMENT

Holding up better than other banks because it has a larger retail franchise and is less dependant on capital markets than some others. As a safe haven in the Cdn banking space, probably a good place to look at.

DON'T BUY

How would you view Canadian banks on the long-term? This bank is not doing well. It broke down through the up trend line and is now struggling to hold at around $68. All the banks are having major problems.

BUY

Over the years has made its share of mistakes so has always sold at a discounted multiple to the group. On an ROE basis it is probably one of the most profitable banks. In the last few years, they have taken significant steps to de-risk this bank. Yield of close to 5%. (See Top Picks.)

PAST TOP PICK

(A Top Pick Sept 10/10. Up 0.81%.) Outlook for Canadian banks is good on a relative basis with attractive yields but doesn't see much opportunity for increased dividends or earnings growth.

BUY

Significant exposure to Canadian consumer. Recently acquired an investment company in the US, which will be accretive next year. You could see a very competitive environment in Canada and it could put pressure on the price.

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Canadian Imperial Bank of Commerce (CM.TO)