Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as C$162.12 and last traded at C$162.04, with a volume of 281526 shares. The stock had previously closed at C$161.45.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CM shares. Desjardins lifted their price target on Canadian Imperial Bank of Commerce from C$152.00 to C$160.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Raymond James Financial decreased their price objective on shares of Canadian Imperial Bank of Commerce from C$157.50 to C$155.50 and set a “market perform” rating on the stock in a report on Friday, May 29th. Scotiabank boosted their target price on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the stock a “sector perform” rating in a research note on Tuesday, June 16th. National Bank Financial upped their target price on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the stock a “sector perform” rating in a research report on Friday, May 15th. Finally, TD decreased their price target on shares of Canadian Imperial Bank of Commerce from C$166.00 to C$163.00 and set a “buy” rating on the stock in a research note on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$152.86.

Canadian Imperial Bank of Commerce Price Performance

The firm has a market cap of C$148.38 billion, a price-to-earnings ratio of 16.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.42. The firm has a 50 day moving average price of C$152.75 and a 200-day moving average price of C$138.22.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings results on Thursday, May 28th. The company reported C$2.54 earnings per share (EPS) for the quarter. The business had revenue of C$8.01 billion for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Tuesday, April 28th were given a dividend of $1.07 per share. The ex-dividend date was Friday, March 27th. This represents a $4.28 annualized dividend and a dividend yield of 2.6%. Canadian Imperial Bank of Commerce’s payout ratio is currently 40.48%.

Insider Buying and Selling

In related news, insider Christopher John Anderson sold 8,490 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the transaction, the insider directly owned 6,252 shares in the company, valued at C$972,186. This represents a 57.59% decrease in their ownership of the stock. Also, insider Amy Florence South sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of C$160.92, for a total transaction of C$193,104.00. Over the last three months, insiders have sold 10,690 shares of company stock valued at $1,665,449. 0.02% of the stock is currently owned by insiders.

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.