Canadian Imperial Bank of Commerce (TSE:CM) Hits New 12-Month High on Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price reached a new 52-week high during mid-day trading on Wednesday after National Bankshares raised their price target on the stock from C$86.00 to C$94.00. The stock traded as high as C$90.70 and last traded at C$90.62, with a volume of 188082 shares changing hands. The stock had previously closed at C$89.85.

Several other analysts have also recently commented on CM. Canaccord Genuity Group upped their target price on Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a report on Tuesday. Barclays upped their target price on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an “underweight” rating in a report on Friday, August 30th. Desjardins increased their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and increased their price target for the stock from C$74.00 to C$90.00 in a report on Friday, August 30th. Finally, BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus target price of C$83.00.

Insider Buying and Selling

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

Canadian Imperial Bank of Commerce Stock Performance

The stock has a fifty day moving average of C$85.26 and a 200-day moving average of C$74.28. The company has a market cap of C$85.73 billion, a PE ratio of 13.13, a PEG ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping the consensus estimate of C$1.75 by C$0.18. The firm had revenue of C$6.60 billion during the quarter, compared to analyst estimates of C$6.31 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a $0.90 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.97%. Canadian Imperial Bank of Commerce’s payout ratio is 52.10%.

Canadian Imperial Bank of Commerce Company Profile

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.