Canadian Imperial Bank of Commerce (TSE:CM) Stock Crosses Above Fifty Day Moving Average of $74.86

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$74.86 and traded as high as C$83.43. Canadian Imperial Bank of Commerce shares last traded at C$82.90, with a volume of 6,369,005 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CM shares. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and increased their price objective for the stock from C$75.00 to C$83.00 in a research note on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and increased their price target for the company from C$74.00 to C$90.00 in a research report on Friday, August 30th. Desjardins raised their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Monday, June 3rd. Finally, Jefferies Financial Group decreased their target price on shares of Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$79.15.

Canadian Imperial Bank of Commerce Stock Performance

The firm has a fifty day simple moving average of C$75.16 and a 200-day simple moving average of C$69.59. The firm has a market cap of C$79.25 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 3.01 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted 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 net margin of 29.56% and a return on equity of 12.37%. The company had revenue of C$6.60 billion during the quarter, compared to analysts’ expectations of C$6.31 billion. Analysts expect that Canadian Imperial Bank of Commerce will post 7.5778986 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Monday, October 28th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.10%.

Insider Activity

In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 47,430 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of C$83.41, for a total transaction of C$3,956,136.30. In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 47,430 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of C$83.41, for a total transaction of C$3,956,136.30. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total transaction of C$441,791.70. Over the last quarter, insiders have sold 152,257 shares of company stock valued at $12,585,939. 0.02% of the stock is owned by insiders.

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.