Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 52-Week High – Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) reached a new 52-week high during trading on Wednesday . The stock traded as high as $100.48 and last traded at $100.5120, with a volume of 422934 shares traded. The stock had previously closed at $98.13.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

The stock has a market cap of $93.56 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The company’s 50-day simple moving average is $93.63 and its 200-day simple moving average is $85.90. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the firm posted $1.91 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. Analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.2%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is 50.25%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CM. MidFirst Bank acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at $2,623,000. Compound Planning Inc. raised its position in Canadian Imperial Bank of Commerce by 11.9% during the fourth quarter. Compound Planning Inc. now owns 13,814 shares of the bank’s stock valued at $1,252,000 after buying an additional 1,465 shares during the period. Corient Private Wealth LLC lifted its stake in Canadian Imperial Bank of Commerce by 8.3% in the 4th quarter. Corient Private Wealth LLC now owns 15,726 shares of the bank’s stock worth $1,425,000 after acquiring an additional 1,209 shares in the last quarter. Strive Financial Group LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth about $178,000. Finally, Mercer Global Advisors Inc. ADV grew its stake in Canadian Imperial Bank of Commerce by 17.4% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 11,045 shares of the bank’s stock valued at $1,001,000 after acquiring an additional 1,637 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.