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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Scotiabank raised their price target on the stock from C$85.00 to C$108.00. The company traded as high as C$92.17 and last traded at C$91.42, with a volume of 4291841 shares changing hands. The stock had previously closed at C$91.48.

Several other analysts have also recently commented on the company. Jefferies Financial Group decreased their target price on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Royal Bank of Canada raised their price objective on shares of 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. TD Securities upped their target price on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research report on Friday, November 15th. Barclays raised their price target on shares of 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. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and upped their price objective for the stock from C$75.00 to C$83.00 in a report on Friday, August 30th. One 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$87.17.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 800 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of C$83.20, for a total value of C$66,560.00. Also, Senior Officer Sandy Sharman sold 2,275 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of C$83.04, for a total transaction of C$188,916.00. Insiders sold a total of 203,057 shares of company stock valued at $16,823,249 over the last three months. Company insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

The stock has a fifty day simple moving average of C$86.05 and a 200-day simple moving average of C$75.02. The stock has a market cap of C$86.05 billion, a P/E ratio of 13.18, a PEG ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, topping the consensus estimate 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. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a $0.90 dividend. The ex-dividend date was Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a yield of 3.95%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 52.10%.

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.