Canadian Imperial Bank of Commerce (TSE:CM) Hits New 12-Month High at $70.99

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares reached a new 52-week high on Monday . The company traded as high as C$70.99 and last traded at C$70.56, with a volume of 72540 shares traded. The stock had previously closed at C$70.82.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Scotiabank upped their price target on shares of Canadian Imperial Bank of Commerce from C$73.00 to C$77.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$77.00 in a research report on Friday, May 31st. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Monday, June 3rd. UBS Group set a C$70.00 price target on Canadian Imperial Bank of Commerce and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Finally, National Bankshares lifted their price objective on Canadian Imperial Bank of Commerce from C$76.00 to C$78.00 and gave the company an “outperform” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of C$69.64.

Canadian Imperial Bank of Commerce Price Performance

The stock has a market cap of C$65.97 billion, a P/E ratio of 10.86, a PEG ratio of 3.01 and a beta of 1.11. The stock has a 50-day simple moving average of C$66.93 and a 200-day simple moving average of C$65.48.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings results on Thursday, May 30th. The company reported C$1.75 earnings per share for the quarter, beating analysts’ consensus estimates of C$1.66 by C$0.09. The company had revenue of C$6.16 billion for the quarter, compared to the consensus estimate of C$6.11 billion. Canadian Imperial Bank of Commerce had a net margin of 29.50% and a return on equity of 12.14%. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 6.7699387 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, June 28th. This represents a $3.60 annualized dividend and a dividend yield of 5.11%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 55.21%.

Insider Activity

In related news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. In other news, Senior Officer John Hountalas sold 20,808 shares of Canadian Imperial Bank of Commerce stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$65.97, for a total transaction of C$1,372,672.55. Also, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. 0.03% of the stock is 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.