Canadian Imperial Bank of Commerce (TSE:CM) Price Target Raised to C$98.00

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its target price increased by research analysts at TD Securities from C$91.00 to C$98.00 in a research report issued on Friday,BayStreet.CA reports. TD Securities’ price target would suggest a potential upside of 9.50% from the stock’s previous close.

A number of other brokerages have also issued reports on CM. Royal Bank of Canada upped their target price on Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a research report on Friday, August 30th. Jefferies Financial Group reduced their price objective on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Desjardins boosted their target price on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Barclays increased their price target on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research report on Friday, August 30th. Finally, BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$79.69.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at C$89.50 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of C$51.60 and a 12-month high of C$90.57. The company has a market capitalization of C$84.57 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The firm’s fifty day moving average price is C$84.81 and its 200 day moving average price is C$73.82.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The business had revenue of C$6.60 billion for the quarter, compared to analyst estimates of C$6.31 billion. Analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Harry Kenneth Culham sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of C$83.40, for a total value of C$3,087,634.80. In the last 90 days, insiders have sold 203,057 shares of company stock valued at $16,823,249. Insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.