Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 1-Year High – Here’s Why

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $97.67 and last traded at $97.3380, with a volume of 28349 shares changing hands. The stock had previously closed at $94.53.

Wall Street Analyst Weigh In

Several research firms have weighed in on CM. Raymond James Financial initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

The firm’s fifty day moving average price is $92.45 and its 200 day moving average price is $84.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock has a market cap of $90.84 billion, a PE ratio of 16.10, a P/E/G ratio of 1.32 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.08. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the company posted $1.91 earnings per share. As a group, 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 company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is presently 50.25%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently added to or reduced their stakes in CM. Salem Investment Counselors Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $30,000. Toth Financial Advisory Corp bought a new stake in Canadian Imperial Bank of Commerce in the third quarter worth $32,000. AdvisorNet Financial Inc raised its stake in Canadian Imperial Bank of Commerce by 300.0% during the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Larson Financial Group LLC raised its stake in Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after purchasing an additional 219 shares in the last quarter. Finally, Lodestone Wealth Management LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.