Canadian Imperial Bank of Commerce (TSE:CM) Sets New 52-Week High – Here’s Why

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as C$165.00 and last traded at C$162.61, with a volume of 256420 shares trading hands. The stock had previously closed at C$163.32.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CM shares. Jefferies Financial Group upped their price target on Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a report on Wednesday, May 20th. Canaccord Genuity Group raised their price objective on Canadian Imperial Bank of Commerce from C$158.00 to C$160.00 and gave the company a “hold” rating in a report on Friday, June 5th. Royal Bank Of Canada cut their price objective on Canadian Imperial Bank of Commerce from C$158.00 to C$147.00 and set an “outperform” rating for the company in a research report on Wednesday, March 25th. Scotiabank upped their target price on Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the stock a “sector perform” rating in a research note on Tuesday, June 16th. Finally, Desjardins increased their target price on Canadian Imperial Bank of Commerce from C$152.00 to C$160.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average target price of C$152.86.

Canadian Imperial Bank of Commerce Trading Down 0.2%

The stock has a market cap of C$148.83 billion, a price-to-earnings ratio of 16.18, a P/E/G ratio of 3.03 and a beta of 1.42. The firm’s 50-day moving average is C$154.93 and its two-hundred day moving average is C$140.04.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The company reported C$2.54 earnings per share (EPS) for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%.The company had revenue of C$8.01 billion for the quarter. On average, analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Tuesday, July 28th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is presently 40.48%.

Insider Activity at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, insider Amy Florence South sold 1,200 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of C$160.92, for a total value of C$193,104.00. Also, insider Christopher John Anderson sold 8,490 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the completion of the transaction, the insider owned 6,252 shares in the company, valued at C$972,186. The trade was a 57.59% decrease in their position. In the last ninety days, insiders sold 17,776 shares of company stock valued at $2,817,744. 0.02% of the stock is owned by insiders.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.