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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price hit a new 52-week high during mid-day trading on Friday after Desjardins raised their price target on the stock from C$132.00 to C$135.00. Desjardins currently has a buy rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$128.87 and last traded at C$128.17, with a volume of 6564666 shares traded. The stock had previously closed at C$127.27.

A number of other brokerages have also recently issued reports on CM. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$130.00 to C$135.00 in a report on Wednesday. Raymond James Financial raised their price target 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. Scotiabank lifted their price target on Canadian Imperial Bank of Commerce from C$123.00 to C$133.00 and gave the company an “outperform” rating in a research note on Friday, December 5th. Canaccord Genuity Group increased their price objective on Canadian Imperial Bank of Commerce from C$102.00 to C$111.00 and gave the stock a “hold” rating in a research note on Friday, August 29th. Finally, Barclays increased their target price on shares of Canadian Imperial Bank of Commerce from C$119.00 to C$126.00 in a report on Monday, December 8th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$125.36.

Canadian Imperial Bank of Commerce Stock Performance

The company’s 50-day moving average price is C$119.46 and its 200 day moving average price is C$108.21. The stock has a market capitalization of C$119.14 billion, a P/E ratio of 14.96, a P/E/G ratio of 3.03 and a beta of 1.45.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its earnings results on Thursday, December 4th. The company reported C$2.21 earnings per share for the quarter. The firm had revenue of C$7.58 billion during the quarter. Canadian Imperial Bank of Commerce had a net margin of 27.87% and a return on equity of 12.61%. Analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Wednesday, January 28th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.3%. The ex-dividend date is Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is currently 45.27%.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.