Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$127.00 and last traded at C$126.89, with a volume of 776982 shares. The stock had previously closed at C$125.40.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent analyst reports. Raymond James Financial raised their price objective on shares of Canadian Imperial Bank of Commerce from C$127.00 to C$132.00 and gave the company a “market perform” rating in a research report on Friday, December 5th. Canaccord Genuity Group boosted their target price on Canadian Imperial Bank of Commerce from C$102.00 to C$111.00 and gave the stock a “hold” rating in a research report on Friday, August 29th. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from C$121.00 to C$130.00 in a report on Friday, December 5th. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from C$114.00 to C$131.00 in a research note on Friday, December 5th. Finally, Jefferies Financial Group upped their price objective on Canadian Imperial Bank of Commerce from C$106.00 to C$118.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of C$124.64.

Canadian Imperial Bank of Commerce Stock Performance

The business has a fifty day moving average of C$117.43 and a two-hundred day moving average of C$106.76. The firm has a market cap of C$117.41 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 3.03 and a beta of 1.45.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its quarterly earnings results on Thursday, December 4th. The company reported C$2.21 earnings per share 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%. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Tuesday, October 28th were paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 46.07%.

About Canadian Imperial Bank of Commerce

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.