Canadian Imperial Bank of Commerce (TSE:CM) Sets New 52-Week High on Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price hit a new 52-week high during mid-day trading on Tuesday after Scotiabank raised their price target on the stock from C$85.00 to C$108.00. The stock traded as high as C$92.17 and last traded at C$91.42, with a volume of 4291841 shares changing hands. The stock had previously closed at C$91.48.

CM has been the topic of several other research reports. Royal Bank of Canada upped their price objective on Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a research note on Friday, August 30th. BMO Capital Markets raised their price target on 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. 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 company from C$75.00 to C$83.00 in a research report on Friday, August 30th. Finally, Barclays lifted their target price 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 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$87.17.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, Director Harry Kenneth Culham sold 50,000 shares of the company’s stock in a transaction dated 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 firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of C$83.40, for a total transaction of C$3,087,634.80. Insiders sold 203,057 shares of company stock valued at $16,823,249 in the last quarter. Company insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

The company has a market cap of C$86.05 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 3.03 and a beta of 1.12. The business has a fifty day moving average price of C$86.05 and a 200 day moving average price of C$75.02.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The business 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. This represents a $3.60 annualized dividend and a yield of 3.95%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.10%.

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.