Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 12-Month High at $84.23

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high on Thursday . The stock traded as high as C$84.23 and last traded at C$84.06, with a volume of 880086 shares traded. The stock had previously closed at C$83.62.

Analysts Set New Price Targets

CM has been the topic of a number of recent analyst reports. TD Securities decreased their price target on Canadian Imperial Bank of Commerce from C$93.00 to C$91.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. UBS Group set a C$70.00 price objective on Canadian Imperial Bank of Commerce and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Jefferies Financial Group reduced their price objective on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their price objective for the company from C$75.00 to C$83.00 in a research note on Friday, August 30th. Finally, Barclays lifted their price target on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an “underweight” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$79.15.

Canadian Imperial Bank of Commerce Stock Performance

The business has a fifty day moving average of C$75.16 and a 200-day moving average of C$69.59. The company has a market capitalization of C$79.28 billion, a P/E ratio of 12.14, a PEG ratio of 3.01 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. The company 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%. Sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.5778986 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Monday, October 28th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 52.10%.

Insider Activity at Canadian Imperial Bank of Commerce

In related news, Senior Officer Shawn Beber sold 10,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of C$81.80, for a total value of C$817,960.00. In other news, Director Harry Kenneth Culham sold 47,430 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of C$83.41, for a total transaction of C$3,956,136.30. Also, Senior Officer Shawn Beber sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of C$81.80, for a total value of C$817,960.00. In the last three months, insiders sold 152,257 shares of company stock valued at $12,585,939. 0.02% of the stock is owned by 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.