Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 1-Year High on Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares reached a new 52-week high during trading on Friday after National Bank Financial raised their price target on the stock from C$152.00 to C$180.00. National Bank Financial currently has a sector perform rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$171.76 and last traded at C$171.76, with a volume of 968340 shares traded. The stock had previously closed at C$170.46.

A number of other research analysts have also issued reports on CM. TD lifted their target price on Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the stock a “buy” rating in a report on Wednesday. Scotiabank upped their price target on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a “sector perform” rating in a report on Tuesday, June 16th. Canaccord Genuity Group lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Raymond James Financial boosted their target price on shares of Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Jefferies Financial Group increased their target price on shares of Canadian Imperial Bank of Commerce from C$143.00 to C$153.00 and gave the company a “hold” rating in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and an average target price of C$160.95.

Insider Activity

In other news, insider Amy Florence South sold 1,086 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total transaction of C$176,094.90. Also, insider Stephen Alan Scholtz sold 6,000 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of C$162.70, for a total value of C$976,200.00. Insiders sold a total of 17,776 shares of company stock valued at $2,817,744 over the last three months. Insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 0.8%

The firm has a market cap of C$156.78 billion, a PE ratio of 17.04, a P/E/G ratio of 3.03 and a beta of 1.40. The company’s 50-day moving average is C$163.35 and its 200 day moving average is C$148.60.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The company reported C$2.54 EPS for the quarter. Canadian Imperial Bank of Commerce had a net margin of 18.44% and a return on equity of 15.24%. The firm had revenue of C$8.01 billion during the quarter. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Tuesday, July 28th were issued a dividend of $1.07 per share. The ex-dividend date was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.5%. Canadian Imperial Bank of Commerce’s payout ratio is currently 40.48%.

Canadian Imperial Bank of Commerce Company Profile

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.