Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High on Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares reached a new 52-week high during trading on Tuesday after Scotiabank raised their price target on the stock from C$85.00 to C$108.00. The stock traded as high as C$92.17 and last traded at C$91.42, with a volume of 4291841 shares traded. The stock had previously closed at C$91.48.

A number of other research analysts have also issued reports on CM. Jefferies Financial Group decreased their target price on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a “buy” rating for the company in a report on Monday, August 12th. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from C$74.00 to C$90.00 in a research report on Friday, August 30th. Royal Bank of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and boosted their price target for the stock from C$75.00 to C$83.00 in a report on Friday, August 30th. Finally, National Bankshares increased their price objective on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$87.17.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 800 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of C$83.20, for a total value of C$66,560.00. Also, Senior Officer Shawn Beber sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of C$81.80, for a total transaction of C$817,960.00. Over the last 90 days, insiders sold 203,057 shares of company stock valued at $16,823,249. Company insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Down 0.1 %

The business has a 50 day simple moving average of C$85.87 and a two-hundred day simple moving average of C$74.84. The stock has a market cap of C$86.39 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 3.94%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 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.