Canadian Imperial Bank of Commerce (TSE:CM) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$90.69 and traded as high as C$91.32. Canadian Imperial Bank of Commerce shares last traded at C$90.42, with a volume of 4,485,138 shares traded.

Analyst Upgrades and Downgrades

CM has been the subject of several research reports. TD Securities lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. UBS Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a report on Monday, December 16th. Scotiabank lifted their price objective on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a research note on Friday, December 6th. Cormark boosted their price objective on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a report on Friday, December 6th. Finally, BMO Capital Markets raised their target price on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$92.67.

Canadian Imperial Bank of Commerce Trading Down 0.6 %

The company’s fifty day moving average is C$90.69 and its two-hundred day moving average is C$79.60. The stock has a market cap of C$85.44 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a $0.97 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, December 27th. This represents a $3.88 annualized dividend and a dividend yield of 4.29%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.10%.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, Senior Officer Robert Sedran sold 20,652 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of C$94.97, for a total transaction of C$1,961,227.51. Also, Director Victor George Dodig sold 150,000 shares of the stock in a transaction that occurred 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. Insiders have sold a total of 177,012 shares of company stock valued at $16,687,218 in the last ninety days. Company insiders own 0.02% of the company’s stock.

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.