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

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Desjardins increased their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a report on Friday, August 30th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. National Bankshares lifted their price target on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and lifted their price target for the stock from C$74.00 to C$90.00 in a report on Friday, August 30th. Finally, 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$79.15.

Canadian Imperial Bank of Commerce Price Performance

The business’s 50-day moving average price is C$81.92 and its two-hundred day moving average price is C$72.29. The company has a market capitalization of C$83.08 billion, a price-to-earnings 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 released its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, beating analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. The company had revenue of C$6.60 billion during the quarter, compared to the consensus estimate of C$6.31 billion. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

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

Insider Activity at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce 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 value of C$4,093,500.00. In related news, Director Harry Kenneth Culham sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of C$83.40, for a total transaction of C$3,087,634.80. Insiders have sold 203,057 shares of company stock valued at $16,823,249 over the last three months. 0.02% of the stock is owned by insiders.

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.