Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 1-Year High Following Dividend Announcement

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high on Thursday following a dividend announcement from the company. The stock traded as high as C$93.78 and last traded at C$93.70, with a volume of 583064 shares changing hands. The stock had previously closed at C$89.57.

The newly announced dividend which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of ∞. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.10%.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent analyst reports. TD Securities upped their price objective on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research report on Friday, November 15th. Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and upped their target price for the company from C$75.00 to C$83.00 in a report on Friday, August 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday, November 18th. Jefferies Financial Group cut their price objective on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and raised their target price for the company from C$74.00 to C$90.00 in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$87.17.

Canadian Imperial Bank of Commerce Price Performance

The stock has a market capitalization of C$88.39 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The company’s fifty day moving average price is C$86.88 and its 200-day moving average price is C$76.03.

Insider Buying and Selling

In related news, Director Harry Kenneth Culham sold 50,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Monday, September 9th. The stock was sold at an average price of C$81.87, for a total value of C$4,093,500.00. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of C$83.40, for a total value of C$3,087,634.80. Insiders have sold a total of 197,527 shares of company stock worth $16,381,457 in the last quarter. Corporate insiders own 0.02% of the company’s stock.

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.