Canadian Imperial Bank of Commerce (TSE:CM) Hits New 52-Week Low After Analyst Downgrade

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week low on Monday after TD Securities lowered their price target on the stock from C$100.00 to C$99.00. TD Securities currently has a buy rating on the stock. Canadian Imperial Bank of Commerce traded as low as C$0.01 and last traded at C$87.38, with a volume of 963993 shares trading hands. The stock had previously closed at C$87.67.

A number of other research firms have also weighed in on CM. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research note on Monday, November 18th. UBS Group cut their price target on Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a research report on Friday, February 14th. Canaccord Genuity Group lifted their price objective on Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a research note on Friday, December 6th. National Bankshares upped their target price on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research note on Wednesday, November 20th. Finally, Scotiabank reduced their price target on Canadian Imperial Bank of Commerce from C$114.00 to C$95.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$93.50.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, Director Victor George Dodig sold 150,000 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of C$94.22, for a total value of C$14,132,865.00. Also, Senior Officer Frank Guse sold 5,360 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of C$93.28, for a total transaction of C$499,985.62. Following the sale, the insider now directly owns 440 shares in the company, valued at approximately C$41,043.60. The trade was a 92.41 % decrease in their position. Over the last 90 days, insiders sold 177,012 shares of company stock valued at $16,687,218. 0.02% of the stock is currently owned by insiders.

Canadian Imperial Bank of Commerce Price Performance

The company has a market cap of C$81.09 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The company’s 50 day simple moving average is C$89.60 and its two-hundred day simple moving average is C$85.98.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 4.48%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.55%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.