Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 1-Year High – Here’s What Happened

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $110.35 and last traded at $110.2020, with a volume of 782928 shares trading hands. The stock had previously closed at $109.26.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday. Finally, Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.1%

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $99.73 billion, a price-to-earnings ratio of 15.83, a PEG ratio of 1.14 and a beta of 1.00. The firm has a 50-day moving average price of $99.18 and a two-hundred day moving average price of $92.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, beating the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The firm had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $5.53 billion. During the same quarter in the previous year, the business posted $2.20 EPS. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 7.51 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a dividend of $1.07 per share. The ex-dividend date is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 45.77%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ritholtz Wealth Management lifted its position in Canadian Imperial Bank of Commerce by 17.2% during the 1st quarter. Ritholtz Wealth Management now owns 19,650 shares of the bank’s stock worth $1,862,000 after buying an additional 2,877 shares in the last quarter. Cidel Asset Management Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 61.1% in the first quarter. Cidel Asset Management Inc. now owns 489,753 shares of the bank’s stock valued at $46,268,000 after acquiring an additional 185,671 shares during the last quarter. Mountain Pacific Investment Advisers LLC bought a new stake in Canadian Imperial Bank of Commerce during the first quarter worth about $208,000. Purpose Unlimited Inc. bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $23,619,000. Finally, Rockefeller Capital Management L.P. boosted its position in Canadian Imperial Bank of Commerce by 86.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 9,153 shares of the bank’s stock valued at $829,000 after purchasing an additional 4,231 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.