Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 52-Week High – Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $113.28 and last traded at $110.9250, with a volume of 1315575 shares trading hands. The stock had previously closed at $112.15.

Analyst Ratings Changes

A number of research analysts have issued reports on CM shares. Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday. Finally, Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, April 17th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $101.12 billion, a P/E ratio of 16.05, a P/E/G ratio of 1.13 and a beta of 1.05. The firm has a 50 day moving average price of $101.20 and a two-hundred day moving average price of $93.75.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping 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 company had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $5.53 billion. During the same quarter in the prior year, the company earned $2.20 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, analysts predict that Canadian Imperial Bank of Commerce will post 7.57 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th were paid a $1.07 dividend. The ex-dividend date was 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 (DPR) is currently 45.77%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently modified their holdings of CM. Larson Financial Group LLC raised its holdings in shares of 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 valued at $32,000 after acquiring an additional 219 shares in the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $34,000. Guerra Advisors Inc purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $35,000. EFG International AG purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $35,000. Finally, Lodestone Wealth Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.