Canadian Imperial Bank of Commerce (TSE:CM) Hits New 12-Month High on Analyst Upgrade

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high during trading on Wednesday after National Bankshares raised their price target on the stock from C$86.00 to C$94.00. The stock traded as high as C$90.70 and last traded at C$90.62, with a volume of 188082 shares changing hands. The stock had previously closed at C$89.85.

Several other equities research analysts have also issued reports on the stock. Barclays increased their price objective on shares of Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research report on Friday, August 30th. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday. Canaccord Genuity Group raised their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$92.00 in a report on Tuesday. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their price target for the stock from C$75.00 to C$83.00 in a research report on Friday, August 30th. Finally, Desjardins boosted their target price on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of C$83.00.

Insiders Place Their Bets

In other news, Director Harry Kenneth Culham sold 800 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of C$83.20, for a total value of C$66,560.00. Also, Senior Officer Christina Charlotte Kramer sold 37,022 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of C$83.40, for a total transaction of C$3,087,634.80. Insiders have sold a total of 203,057 shares of company stock valued at $16,823,249 in the last 90 days. 0.02% of the stock is currently owned by insiders.

Canadian Imperial Bank of Commerce Stock Up 1.0 %

The firm has a market capitalization of C$85.73 billion, a price-to-earnings ratio of 13.13, a P/E/G ratio of 3.03 and a beta of 1.12. The stock’s fifty day moving average is C$85.26 and its two-hundred day moving average is C$74.28.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings data on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. The firm had revenue of C$6.60 billion during the quarter, compared to analysts’ expectations of C$6.31 billion. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.90 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.97%. Canadian Imperial Bank of Commerce’s payout ratio is presently 52.10%.

About Canadian Imperial Bank of Commerce

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.