Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High – What’s Next?

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high on Monday . The stock traded as high as C$88.56 and last traded at C$87.59, with a volume of 663645 shares traded. The stock had previously closed at C$87.88.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and upped their target price for the stock from C$74.00 to C$90.00 in a research report on Friday, August 30th. Jefferies Financial Group reduced their price target on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a report on Monday, August 12th. National Bankshares increased their price target on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an “outperform” rating in a report on Friday, August 30th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Barclays increased their target price on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$79.15.

Canadian Imperial Bank of Commerce Price Performance

The business has a 50 day simple moving average of C$81.92 and a 200 day simple moving average of C$72.29. The stock has a market cap of C$83.08 billion, a PE ratio of 12.72, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The company had revenue of C$6.60 billion during the quarter, compared to analysts’ expectations of C$6.31 billion. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.60 annualized dividend and a dividend yield of 4.09%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.10%.

Insider Buying and Selling

In other news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total value of C$441,791.70. In other news, Director Harry Kenneth Culham sold 800 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of C$83.20, for a total value of C$66,560.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total value of C$441,791.70. In the last 90 days, insiders sold 203,057 shares of company stock valued at $16,823,249. Insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.