Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High at $79.60

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high on Wednesday . The company traded as high as C$79.60 and last traded at C$79.39, with a volume of 1153787 shares changing hands. The stock had previously closed at C$78.46.

Wall Street Analyst Weigh In

CM has been the subject of a number of recent research reports. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from C$74.00 to C$90.00 in a research report on Friday, August 30th. Scotiabank boosted 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. BMO Capital Markets boosted their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. National Bankshares lifted their price objective on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, TD Securities lowered their price target on Canadian Imperial Bank of Commerce from C$93.00 to C$91.00 and set a “buy” rating for the company in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average target price of C$79.15.

Canadian Imperial Bank of Commerce Trading Down 0.3 %

The stock has a market cap of C$75.88 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 3.01 and a beta of 1.12. The stock has a fifty day simple moving average of C$70.59 and a 200-day simple moving average of C$67.74.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 4.47%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 54.96%.

Insider Transactions at Canadian Imperial Bank of Commerce

In other news, Senior Officer John Hountalas sold 20,808 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of C$65.97, for a total transaction of C$1,372,672.55. 0.02% of the stock is owned by 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.