Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 1-Year High – Time to Buy?

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high on Monday . The company traded as high as C$86.96 and last traded at C$86.40, with a volume of 106153 shares traded. The stock had previously closed at C$86.48.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group lowered their price objective on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a research report on Monday, August 12th. UBS Group set a C$70.00 price objective on Canadian Imperial Bank of Commerce and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. Cormark raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and increased their price objective for the stock from C$75.00 to C$83.00 in a research report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and boosted their price target for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. Finally, National Bankshares lifted their target price on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus price target of C$79.15.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

The company’s fifty day simple moving average is C$79.57 and its 200 day simple moving average is C$71.33. The stock has a market capitalization of C$81.63 billion, a price-to-earnings ratio of 12.50, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, beating the consensus estimate of C$1.75 by C$0.18. The business had revenue of C$6.60 billion for the quarter, compared to the consensus estimate of C$6.31 billion. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a yield of 4.17%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.10%.

Insider Activity

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total transaction of C$441,791.70. In other news, Director Harry Kenneth Culham sold 50,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Monday, September 9th. The stock was sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total transaction of C$441,791.70. In the last ninety days, insiders sold 203,057 shares of company stock worth $16,823,249. 0.02% of the stock is currently owned by corporate insiders.

About Canadian Imperial Bank of Commerce

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.