Canadian Imperial Bank of Commerce (TSE:CM) Sets New 52-Week High After Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price reached a new 52-week high during trading on Monday after Desjardins raised their price target on the stock from C$135.00 to C$139.00. Desjardins currently has a buy rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$133.03 and last traded at C$132.64, with a volume of 432217 shares traded. The stock had previously closed at C$132.10.

Other analysts have also recently issued research reports about the stock. Barclays increased their price objective on shares of Canadian Imperial Bank of Commerce from C$119.00 to C$126.00 in a report on Monday, December 8th. Royal Bank Of Canada raised their price target on shares of Canadian Imperial Bank of Commerce from C$131.00 to C$134.00 and gave the company an “outperform” rating in a research note on Monday, January 5th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from C$130.00 to C$135.00 in a report on Wednesday, December 17th. TD Securities boosted their price objective on Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a research report on Monday. Finally, Scotiabank increased their price objective on Canadian Imperial Bank of Commerce from C$133.00 to C$138.00 in a report on Friday, January 9th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average price target of C$127.18.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, insider Frank Guse sold 5,000 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of C$127.16, for a total transaction of C$635,800.00. Following the sale, the insider owned 1,359 shares of the company’s stock, valued at approximately C$172,810.44. This trade represents a 78.63% decrease in their position. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 0.6%

The company has a market capitalization of C$123.18 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 3.03 and a beta of 1.26. The business has a fifty day simple moving average of C$126.92 and a two-hundred day simple moving average of C$116.37.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its earnings results on Thursday, December 4th. The company reported C$2.21 earnings per share (EPS) for the quarter. The business had revenue of C$7.58 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 12.61% and a net margin of 27.87%. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Wednesday, January 28th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.2%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 45.27%.

Canadian Imperial Bank of Commerce Company Profile

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.