Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 12-Month High at $61.90

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) reached a new 52-week high during trading on Monday . The company traded as high as $61.90 and last traded at $61.72, with a volume of 84618 shares traded. The stock had previously closed at $61.45.

Wall Street Analyst Weigh In

CM has been the subject of a number of recent analyst reports. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

The firm has a market capitalization of $58.08 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.85 and a beta of 1.07. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $53.64 and a two-hundred day moving average price of $50.46.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter last year, the business earned $1.14 earnings per share. Canadian Imperial Bank of Commerce’s revenue was up 12.9% compared to the same quarter last year. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.23%. Canadian Imperial Bank of Commerce’s payout ratio is 54.73%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth about $404,008,000. Toronto Dominion Bank grew its stake in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% in the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after purchasing an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. lifted its stake in Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after purchasing an additional 3,143,734 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Canadian Imperial Bank of Commerce by 94.4% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after purchasing an additional 2,952,277 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

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.