Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High on Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares hit a new 52-week high during 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 traded. The stock had previously closed at C$91.48.

A number of other analysts also recently weighed in on CM. Canaccord Genuity Group increased their target price on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a research report on Tuesday, November 19th. Jefferies Financial Group decreased their target price on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a research note on Monday, August 12th. BMO Capital Markets lifted their target price on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their price objective for the stock from C$75.00 to C$83.00 in a research report on Friday, August 30th. Finally, Royal Bank of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$87.17.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 50,000 shares of the firm’s stock in a transaction on 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 Canadian Imperial Bank of Commerce 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. Over the last three months, insiders have sold 203,057 shares of company stock valued at $16,823,249. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.4 %

The company’s 50-day simple moving average is C$86.21 and its 200 day simple moving average is C$75.20. The stock has a market cap of C$85.71 billion, a P/E ratio of 13.13, a PEG ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, beating analysts’ consensus estimates of C$1.75 by C$0.18. The company had revenue of C$6.60 billion during the quarter, compared to the consensus estimate 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%. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.10%.

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.