Canadian Imperial Bank of Commerce (TSE:CM) Sets New 1-Year High – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price reached a new 52-week high on Monday . The stock traded as high as C$86.96 and last traded at C$86.40, with a volume of 106153 shares changing hands. The stock had previously closed at C$86.48.

Analyst Ratings Changes

CM has been the topic of several recent research reports. Jefferies Financial Group reduced 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. UBS Group set a C$70.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the company a “neutral” rating in a research note on Tuesday, July 2nd. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and raised their target price for the stock from C$74.00 to C$90.00 in a research note on Friday, August 30th. Desjardins upped their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Barclays lifted their target price on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the company an “underweight” rating in a research note on Friday, August 30th. One investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$79.15.

Canadian Imperial Bank of Commerce Price Performance

The stock has a market cap of C$81.60 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The stock’s 50-day moving average is C$79.24 and its two-hundred day moving average is C$71.22.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings data 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. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The firm had revenue of C$6.60 billion during the quarter, compared to analyst estimates of C$6.31 billion. On average, 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 business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 52.10%.

Insider Activity

In related news, Director Harry Kenneth Culham sold 50,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of C$83.42, for a total transaction of C$4,170,750.00. In related news, Senior Officer Sandy Sharman sold 2,275 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of C$83.04, for a total value of C$188,916.00. Also, Director Harry Kenneth Culham sold 50,000 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of C$83.42, for a total transaction of C$4,170,750.00. In the last 90 days, insiders have sold 203,057 shares of company stock valued at $16,823,249. 0.02% of the stock is currently owned by insiders.

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.