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 reached a new 52-week high during trading on Thursday . The company traded as high as $120.82 and last traded at $120.7690, with a volume of 1948542 shares. The stock had previously closed at $118.57.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CM shares. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Up 1.9%

The firm has a 50-day simple moving average of $112.98 and a 200 day simple moving average of $103.24. The stock has a market capitalization of $110.24 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.28 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. During the same period in the previous year, the business posted $2.05 earnings per share. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 42.58%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Investment Management Corp of Ontario lifted its holdings in Canadian Imperial Bank of Commerce by 38.6% in the fourth quarter. Investment Management Corp of Ontario now owns 290,749 shares of the bank’s stock valued at $26,345,000 after buying an additional 80,914 shares during the period. Legal & General Group Plc boosted its position in Canadian Imperial Bank of Commerce by 2.0% during the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock valued at $587,790,000 after acquiring an additional 125,069 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $11,217,000. Intech Investment Management LLC grew its holdings in Canadian Imperial Bank of Commerce by 6.5% during the 4th quarter. Intech Investment Management LLC now owns 343,828 shares of the bank’s stock worth $31,211,000 after acquiring an additional 21,078 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 5.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 238,539 shares of the bank’s stock worth $21,622,000 after acquiring an additional 12,297 shares in the last quarter. 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 (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.