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

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high during mid-day trading on Friday after National Bank Financial raised their price target on the stock from C$152.00 to C$180.00. National Bank Financial currently has a sector perform rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$171.76 and last traded at C$171.76, with a volume of 968340 shares changing hands. The stock had previously closed at C$170.46.

Other analysts have also recently issued reports about the stock. TD increased their target price on shares of Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James Financial boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the company a “market perform” rating in a research report on Wednesday. Scotiabank raised 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 report on Tuesday, June 16th. Jefferies Financial Group upped their target price on Canadian Imperial Bank of Commerce from C$143.00 to C$153.00 and gave the company a “hold” rating in a report on Thursday. Finally, Canaccord Genuity Group increased their price target on Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$160.95.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, insider Amy Florence South sold 1,086 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total value of C$176,094.90. Also, insider Christopher John Anderson sold 8,490 shares of the firm’s 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 completion of the sale, the insider owned 6,252 shares in the company, valued at approximately C$972,186. This represents a 57.59% decrease in their ownership of the stock. Over the last 90 days, insiders have sold 17,776 shares of company stock worth $2,817,744. 0.02% of the stock is owned by company insiders.

Canadian Imperial Bank of Commerce Stock Up 0.8%

The business’s 50 day moving average is C$163.35 and its two-hundred day moving average is C$148.60. The firm has a market capitalization of C$156.78 billion, a P/E ratio of 17.04, a PEG ratio of 3.03 and a beta of 1.40.

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

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Tuesday, July 28th were given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 40.48%.

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.