Canadian Imperial Bank of Commerce (NYSE:CM) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $114.07 and traded as high as $115.91. Canadian Imperial Bank of Commerce shares last traded at $115.4870, with a volume of 659,317 shares trading hands.

Analyst Ratings Changes

A number of research analysts have weighed in on CM shares. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 27th. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. TD Securities reiterated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They issued a “market perform” rating on the stock. Finally, Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $160.00.

Canadian Imperial Bank of Commerce Price Performance

The stock’s 50-day moving average is $114.07 and its two-hundred day moving average is $107.95. The stock has a market cap of $104.85 billion, a PE ratio of 15.42, a PEG ratio of 1.12 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be given a dividend of C$1.07 per share. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 41.26%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Deutsche Bank AG acquired a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $237,643,000. Mediolanum International Funds Ltd grew its position in shares of Canadian Imperial Bank of Commerce by 142.8% in the 1st quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock valued at $13,086,000 after buying an additional 83,784 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock valued at $1,201,762,000 after buying an additional 57,210 shares during the last quarter. Tacita Capital Inc acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth $1,834,000. Finally, Man Group plc acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth $4,434,000. 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 (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and governments through its Canadian and U.S. operations.

CIBC’s main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.