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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price reached a new 52-week high on Tuesday . The stock traded as high as C$84.79 and last traded at C$84.62, with a volume of 1005653 shares. The stock had previously closed at C$83.88.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CM. Scotiabank raised their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. UBS Group set a C$70.00 price target on Canadian Imperial Bank of Commerce and gave the stock a “neutral” rating in a research report on Tuesday, July 2nd. National Bankshares lifted their price objective on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and lifted their price objective for the company from C$74.00 to C$90.00 in a research report on Friday, August 30th. Finally, Jefferies Financial Group lowered their price objective on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a research report 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$79.15.

Canadian Imperial Bank of Commerce Stock Up 1.0 %

The stock has a 50 day simple moving average of C$78.18 and a 200 day simple moving average of C$70.83. The company has a market cap of C$80.09 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 3.01 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. The company had revenue of C$6.60 billion for the quarter, compared to analysts’ expectations 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 research analysts expect that Canadian Imperial Bank of Commerce will post 7.5827138 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 52.10%.

Insider Buying and Selling

In related news, Director Harry Kenneth Culham sold 800 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of C$83.20, for a total value of C$66,560.00. In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total value of C$441,791.70. Also, 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. Over the last 90 days, insiders have sold 203,057 shares of company stock worth $16,823,249. 0.02% of the stock is currently owned by corporate insiders.

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.