Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 52-Week High – What’s Next?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) reached a new 52-week high during trading on Monday . The company traded as high as $110.35 and last traded at $110.2020, with a volume of 782928 shares. The stock had previously closed at $109.26.

Analyst Ratings Changes

A number of research firms recently commented on CM. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Finally, Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

The company has a market capitalization of $101.08 billion, a PE ratio of 16.02, a PEG ratio of 1.13 and a beta of 1.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm’s 50-day simple moving average is $98.73 and its 200-day simple moving average is $91.73.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.20 EPS. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 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 Tuesday, April 28th. Shareholders of record on Friday, March 27th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is 45.63%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently added to or reduced their stakes in the stock. EFG International AG purchased a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $35,000. AdvisorNet Financial Inc raised its holdings in shares of Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Toth Financial Advisory Corp bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $32,000. 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 purchasing an additional 219 shares in the last quarter. Finally, Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $37,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.