Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 1-Year High – What’s Next?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $94.54 and last traded at $93.5330, with a volume of 129628 shares trading hands. The stock had previously closed at $93.13.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CM. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Zacks Research raised Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 31st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Trading Down 2.9%

The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market cap of $85.59 billion, a price-to-earnings ratio of 15.17, a PEG ratio of 1.30 and a beta of 1.02. The company has a fifty day moving average price of $90.98 and a 200-day moving average price of $82.90.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.08. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.91 EPS. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were issued a dividend of $1.07 per share. The ex-dividend date was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is 50.25%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Salem Investment Counselors Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $30,000. Toth Financial Advisory Corp acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $32,000. AdvisorNet Financial Inc raised its position in Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares during the period. Larson Financial Group LLC raised its position in Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after purchasing an additional 219 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new position in Canadian Imperial Bank of Commerce during the second quarter worth $34,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

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.