5 Undervalued Canadian Stocks to Buy Now

3. Canadian Imperial Bank of Commerce (TSX:CM.TO)

PE Ratio: 8.92  

Canadian Imperial Bank of Commerce (TSX:CM.TO) is a diversified financial services firm based in Toronto. In April, the bank had announced plans for a 2-for-1 stock split. At the time, the bank had more than 450 million outstanding shares which were converted into over 900 million shares. The stock climbed marginally after the announcement but has since lagged due to the overall slowdown in the Canadian economy due to inflation. In the past twelve months, the shares are down more than 12%. 

Canadian Imperial Bank of Commerce (TSX:CM.TO) has an impressive dividend history stretching back over three decades. In the past six years, these payouts have grown. On May 28, the firm raised the quarterly dividend by 3% to C$0.83 per share. 

In late May, Canadian Imperial Bank of Commerce (TSX:CM.TO) posted earnings for the second fiscal quarter, beating market estimates on earnings per share and revenue by C$0.05 and C$180 million respectively.