Canadian Imperial Bank of Commerce (TSE:CM) Shares Break Above 50-Day Moving Average – What’s Next?

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of C$159.85 and traded as high as C$161.23. Canadian Imperial Bank of Commerce shares last traded at C$161.00, with a volume of 2,197,878 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CM shares. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from C$167.00 to C$176.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Barclays lifted their price objective on Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a research report on Friday, August 21st. National Bank Financial set a C$180.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock a “sector perform” rating in a research note on Monday, August 24th. Jefferies Financial Group upped their price objective on shares of Canadian Imperial Bank of Commerce from C$153.00 to C$154.00 in a research note on Thursday, September 3rd. Finally, Raymond James Financial boosted their price target on Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the company a “market perform” rating in a report on Wednesday, August 12th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus target price of C$167.79.

Canadian Imperial Bank of Commerce Stock Down 0.2%

The firm has a market cap of C$146.18 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 3.03 and a beta of 1.32. The business has a 50 day moving average price of C$159.85 and a 200-day moving average price of C$158.20.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its earnings results on Thursday, August 27th. The company reported C$2.73 EPS for the quarter. The business had revenue of C$8.37 billion for the quarter. Canadian Imperial Bank of Commerce had a net margin of 16.13% and a return on equity of 15.44%. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.41 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Wednesday, October 28th will be given a $1.07 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 annualized dividend and a dividend yield of 2.7%. Canadian Imperial Bank of Commerce’s payout ratio is presently 40.12%.

Insider Activity

In related news, insider Amy Florence South sold 4,218 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of C$161.41, for a total value of C$680,827.38. Company insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

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.