Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 52-Week High – Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $64.83 and last traded at $64.83, with a volume of 303 shares traded. The stock had previously closed at $64.33.

Analysts Set New Price Targets

CM has been the topic of several recent analyst reports. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

The business’s fifty day moving average is $61.65 and its 200 day moving average is $53.99. The company has a market cap of $60.91 billion, a P/E ratio of 12.64, a PEG ratio of 1.86 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.46%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth $175,000. Atomi Financial Group Inc. bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth about $232,000. Russell Investments Group Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 21.8% during the 1st quarter. Russell Investments Group Ltd. now owns 450,419 shares of the bank’s stock valued at $22,826,000 after buying an additional 80,746 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Canadian Imperial Bank of Commerce by 6.2% in the first quarter. US Bancorp DE now owns 13,994 shares of the bank’s stock worth $710,000 after buying an additional 821 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% in the first quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock worth $315,000 after buying an additional 314 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

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.