Canadian Imperial Bank of Commerce (TSE:CM) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$91.37 and traded as high as C$91.66. Canadian Imperial Bank of Commerce shares last traded at C$91.46, with a volume of 1,894,709 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CM. Scotiabank upped their price target on shares of Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a research note on Friday, December 6th. UBS Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a research note on Monday, December 16th. Cormark upped their price target on shares of Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research note on Friday, December 6th. Canaccord Genuity Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a research note on Friday, December 6th. Finally, TD Securities upped their price target on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$95.08.

Canadian Imperial Bank of Commerce Price Performance

The stock’s fifty day moving average is C$91.37 and its 200-day moving average is C$82.33. The stock has a market capitalization of C$86.43 billion, a PE ratio of 13.24, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 4.24%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.10%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other news, Director Victor George Dodig sold 150,000 shares of the stock in a transaction dated 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 the stock in a transaction dated 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 completion of the sale, the insider now owns 440 shares of the company’s stock, valued at C$41,043.60. This trade represents a 92.41 % decrease in their ownership of the stock. Insiders have sold a total of 177,012 shares of company stock valued at $16,687,218 over the last ninety days. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.