Canadian Imperial Bank of Commerce (TSE:CM) Sets New 1-Year High Following Analyst Upgrade

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high on Tuesday after Scotiabank raised their price target on the stock from C$85.00 to C$108.00. The company traded as high as C$92.17 and last traded at C$91.42, with a volume of 4291841 shares trading hands. The stock had previously closed at C$91.48.

Several other equities analysts have also recently weighed in on CM. National Bankshares lifted their price objective on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a report on Wednesday, November 20th. Jefferies Financial Group decreased 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 report on Monday, August 12th. TD Securities boosted their target price on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. Desjardins upped their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Canaccord Genuity Group boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of C$87.17.

Insider Activity at Canadian Imperial Bank of Commerce

In related news, Senior Officer Shawn Beber sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of C$81.80, for a total value of C$817,960.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of Canadian Imperial Bank of Commerce stock in a transaction on Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total value of C$441,791.70. Insiders sold 203,057 shares of company stock worth $16,823,249 in the last ninety days. 0.02% of the stock is owned by company insiders.

Canadian Imperial Bank of Commerce Trading Down 0.4 %

The firm has a 50-day moving average of C$86.21 and a two-hundred day moving average of C$75.20. The firm has a market capitalization of C$85.71 billion, a P/E ratio of 13.13, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, beating analysts’ consensus estimates of C$1.75 by C$0.18. The firm had revenue of C$6.60 billion for the quarter, compared to analyst estimates of C$6.31 billion. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.10%.

About Canadian Imperial Bank of Commerce

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.