Canadian Imperial Bank of Commerce (TSE:CM) Stock Passes Below 50-Day Moving Average – What’s Next?

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$163.86 and traded as low as C$162.00. Canadian Imperial Bank of Commerce shares last traded at C$163.26, with a volume of 3,308,213 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CM. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from C$167.00 to C$176.00 and gave the stock an “outperform” rating in a research note on Friday, August 28th. Keefe, Bruyette & Woods set a C$186.00 price objective on Canadian Imperial Bank of Commerce and gave the company a “hold” rating in a research note on Friday, August 21st. Barclays raised their price objective on Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a report on Friday, August 21st. National Bank Financial set a C$180.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a “sector perform” rating in a report on Monday, August 24th. Finally, Canaccord Genuity Group increased their target price on shares of Canadian Imperial Bank of Commerce from C$168.00 to C$169.00 and gave the company a “hold” rating in a research report on Friday, August 28th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$167.79.

Canadian Imperial Bank of Commerce Trading Down 2.8%

The firm’s fifty day simple moving average is C$163.52 and its two-hundred day simple moving average is C$154.45. The company has a market capitalization of C$142.72 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 3.03 and a beta of 1.26.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, August 27th. The company reported C$2.73 earnings per share for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.44% and a net margin of 16.13%.The business had revenue of C$8.37 billion during the quarter. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

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

Insider Activity at Canadian Imperial Bank of Commerce

In related news, insider Amy Florence South sold 1,086 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of C$162.15, for a total value of C$176,094.90. 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.