Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 12-Month High – Here’s Why

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $84.75 and last traded at $85.1230, with a volume of 827373 shares changing hands. The stock had previously closed at $84.12.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Royal Bank Of Canada lifted their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 0.5%

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s fifty day moving average price is $80.80 and its 200-day moving average price is $73.65. The company has a market cap of $79.10 billion, a price-to-earnings ratio of 14.39, a P/E/G ratio of 1.76 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 earnings per share. On average, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th were paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.64%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently added to or reduced their stakes in CM. Parallel Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 5.1% in the second quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock worth $233,000 after buying an additional 160 shares during the period. Brown Advisory Inc. boosted its stake in Canadian Imperial Bank of Commerce by 2.6% in the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after purchasing an additional 160 shares during the period. Checchi Capital Advisers LLC grew its position in Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock worth $383,000 after purchasing an additional 169 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock valued at $3,788,000 after purchasing an additional 173 shares during the period. Finally, Pacifica Partners Inc. raised its stake in Canadian Imperial Bank of Commerce by 12.1% during the 3rd quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock valued at $141,000 after purchasing an additional 190 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.