Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as C$113.85 and last traded at C$113.85, with a volume of 586594 shares changing hands. The stock had previously closed at C$112.70.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CM. Royal Bank Of Canada lifted their price target on shares of Canadian Imperial Bank of Commerce from C$112.00 to C$113.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. Jefferies Financial Group raised their price objective on Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a report on Wednesday, August 13th. BMO Capital Markets lifted their price objective on Canadian Imperial Bank of Commerce from C$107.00 to C$112.00 in a research report on Friday, August 29th. Desjardins increased their target price on Canadian Imperial Bank of Commerce from C$106.00 to C$113.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Finally, Scotiabank raised their price target on Canadian Imperial Bank of Commerce from C$101.00 to C$116.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and an average target price of C$108.25.

Canadian Imperial Bank of Commerce Trading Up 0.8%

The firm has a market capitalization of C$105.65 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 3.03 and a beta of 1.33. The firm has a 50 day moving average price of C$105.76 and a two-hundred day moving average price of C$95.70.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Tuesday, October 28th will be issued a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 3.4%. Canadian Imperial Bank of Commerce’s payout ratio is presently 46.07%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.