NEW YORK (TheStreet) -- Canadian Imperial Bank (CM - Get Report) shares are up 4.27% to $70.83 in early morning trading on Thursday, following the release of the company's 2015 third quarter earnings results.
The bank reported third quarter earnings of $791.2 million, or $1.99 per diluted share on revenue of $2.86 billion for the latest quarter.
Analysts on average were expecting the company to report earnings of $1.81 per share on revenue of $2.79 billion.
"Our strong performance this quarter was supported by excellent results in Retail and Business Banking, Wealth Management and Wholesale Banking," CEO Victor Dodig said in a statement. "We continue to build a strong, innovative relationship-oriented bank with industry leading ROE and capital strength to deliver sustainable shareholder value."
Additionally, the company announced a dividend increase of 3 cents per share to $1.12 per share payable October 28 to shareholders of record on September 28.
Separately, TheStreet Ratings team rates CANADIAN IMPERIAL BANK as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CANADIAN IMPERIAL BANK (CM) a HOLD. The primary factors that have impacted our rating are mixed – some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and expanding profit margins. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."CM data by YCharts