Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High After Dividend Announcement

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The company traded as high as C$93.78 and last traded at C$93.70, with a volume of 583064 shares traded. The stock had previously closed at C$89.57.

The newly announced dividend which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a dividend of $0.97 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. This represents a $3.88 annualized dividend and a dividend yield of 4.19%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 52.10%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Barclays upped their price target on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an “underweight” rating in a report on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and boosted their price objective for the company from C$75.00 to C$83.00 in a report on Friday, August 30th. Desjardins boosted their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a report on Friday, August 30th. National Bankshares lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. Finally, Royal Bank of Canada increased their target price on shares of Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the stock a “sector perform” rating in a report on Friday, August 30th. 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of C$87.17.

Canadian Imperial Bank of Commerce Price Performance

The stock has a fifty day moving average price of C$86.88 and a two-hundred day moving average price of C$76.03. The company has a market cap of C$87.55 billion, a P/E ratio of 12.96, a PEG ratio of 3.03 and a beta of 1.12.

Insiders Place Their Bets

In related news, Senior Officer Shawn Beber sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of C$81.80, for a total transaction of C$817,960.00. Also, Director Harry Kenneth Culham sold 800 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of C$83.20, for a total transaction of C$66,560.00. In the last three months, insiders have sold 197,527 shares of company stock worth $16,381,457. 0.02% of the stock is owned by corporate 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.