Insider Selling: Canadian Imperial Bank of Commerce (TSE:CM) Director Sells 150,000 Shares of Stock

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) Director Victor George Dodig sold 150,000 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of C$94.22, for a total transaction of C$14,132,865.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded down C$0.98 during trading on Thursday, hitting C$94.40. 3,646,167 shares of the stock traded hands, compared to its average volume of 3,727,538. Canadian Imperial Bank of Commerce has a 1 year low of C$58.26 and a 1 year high of C$95.50. The firm’s 50 day moving average is C$87.77 and its two-hundred day moving average is C$76.78. The stock has a market cap of C$89.21 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 4.11%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. Canadian Imperial Bank of Commerce’s dividend payout ratio is 52.10%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CM. National Bankshares upped 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. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and upped their price objective for the stock from C$74.00 to C$90.00 in a report on Friday, August 30th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. TD Securities upped their price objective on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a report on Friday, November 15th. Finally, Barclays increased their price target on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$90.00.

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.