Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 52-Week High – Still a Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s share price reached a new 52-week high on Monday . The company traded as high as $110.79 and last traded at $110.78, with a volume of 214570 shares trading hands. The stock had previously closed at $109.52.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CM shares. 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, April 17th. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Finally, Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.9%

The business’s 50 day moving average price is $99.95 and its 200-day moving average price is $92.71. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The company has a market cap of $101.46 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 1.13 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. The company had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.20 EPS. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 7.51 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds have recently modified their holdings of CM. Larson Financial Group LLC raised its stake in Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $34,000. Guerra Advisors Inc acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $35,000. EFG International AG acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth about $35,000. Finally, Lodestone Wealth Management LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth about $37,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

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.