Canadian Imperial Bank of Commerce (TSE:CM) Sets New 52-Week High – Here’s Why

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high during trading on Thursday . The stock traded as high as C$165.00 and last traded at C$162.61, with a volume of 256420 shares traded. The stock had previously closed at C$163.32.

Analyst Ratings Changes

Several brokerages have weighed in on CM. National Bank Financial raised their target price on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the company a “sector perform” rating in a research note on Friday, May 15th. Jefferies Financial Group raised their price objective on Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a research report on Wednesday, May 20th. Royal Bank Of Canada dropped their target price on Canadian Imperial Bank of Commerce from C$158.00 to C$147.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 25th. Desjardins upped their target price on Canadian Imperial Bank of Commerce from C$152.00 to C$160.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, Canaccord Genuity Group upped their target price on Canadian Imperial Bank of Commerce from C$158.00 to C$160.00 and gave the company a “hold” rating in a research report on Friday, June 5th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$152.86.

Canadian Imperial Bank of Commerce Trading Down 0.2%

The stock has a 50-day simple moving average of C$154.93 and a 200 day simple moving average of C$140.04. The company has a market cap of C$148.83 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 3.03 and a beta of 1.42.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Tuesday, July 28th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 40.48%.

Insider Transactions at Canadian Imperial Bank of Commerce

In other 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 transaction of C$176,094.90. Also, insider Christopher John Anderson sold 8,490 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of C$155.50, for a total transaction of C$1,320,195.00. Following the completion of the transaction, the insider owned 6,252 shares of the company’s stock, valued at approximately C$972,186. This represents a 57.59% decrease in their ownership of the stock. Insiders have sold 17,776 shares of company stock valued at $2,817,744 in the last 90 days. 0.02% of the stock is currently owned by company insiders.

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.