Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High – Here’s Why

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$138.18 and last traded at C$137.30, with a volume of 570756 shares. The stock had previously closed at C$134.53.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CM shares. Canaccord Genuity Group lifted their target price on shares of Canadian Imperial Bank of Commerce from C$129.00 to C$136.00 and gave the stock a “hold” rating in a research report on Thursday, February 12th. Scotiabank lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$133.00 to C$138.00 in a research report on Friday, January 9th. TD Securities increased their target price on Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a report on Monday, February 9th. BMO Capital Markets raised their target price on Canadian Imperial Bank of Commerce from C$130.00 to C$135.00 in a research report on Wednesday, December 17th. Finally, Barclays upgraded Canadian Imperial Bank of Commerce from a “strong sell” rating to an “overweight” rating and lifted their price target for the company from C$126.00 to C$137.00 in a report on Thursday, February 19th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$135.40.

Canadian Imperial Bank of Commerce Stock Up 2.5%

The firm has a 50 day simple moving average of C$128.46 and a 200-day simple moving average of C$118.92. The stock has a market cap of C$127.73 billion, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 3.03 and a beta of 1.26.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings data on Thursday, December 4th. The company reported C$2.21 EPS for the quarter. The firm had revenue of C$7.58 billion during the quarter. Canadian Imperial Bank of Commerce had a net margin of 27.87% and a return on equity of 12.61%. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Wednesday, January 28th were paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 45.27%.

Insiders Place Their Bets

In related news, insider Frank Guse sold 5,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of C$127.16, for a total value of C$635,800.00. Following the completion of the sale, the insider directly owned 1,359 shares in the company, valued at C$172,810.44. The trade was a 78.63% decrease in their position. Insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.