Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 52-Week High - Should You Buy?

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM reached a new 52-week high during mid-day trading on Monday . The company traded as high as $64.83 and last traded at $64.83, with a volume of 303 shares changing hands. The stock had previously closed at $64.33.

Wall Street Analyst Weigh In

CM has been the subject of several recent research reports. Cormark upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, October 19th. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research report on Friday, August 30th. Finally, Desjardins raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

The firm has a market capitalization of $60.94 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 1.86 and a beta of 1.06. The stock has a fifty day moving average of $61.53 and a 200 day moving average of $53.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company had revenue of $6.60 billion during the quarter, compared to analysts' expectations of $6.28 billion. During the same quarter in the previous year, the company earned $1.14 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 12.9% on a year-over-year basis. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.04%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 52.46%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently added to or reduced their stakes in CM. Ontario Teachers Pension Plan Board boosted its holdings in shares of Canadian Imperial Bank of Commerce by 55.8% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 18,601 shares of the bank's stock valued at $1,141,000 after acquiring an additional 6,665 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock valued at $652,676,000 after buying an additional 1,305,665 shares during the last quarter. PCJ Investment Counsel Ltd. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 38.8% during the 3rd quarter. PCJ Investment Counsel Ltd. now owns 50,490 shares of the bank's stock valued at $3,097,000 after buying an additional 14,120 shares during the period. Prospera Private Wealth LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.2% in the 3rd quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank's stock worth $643,000 after buying an additional 330 shares during the last quarter. Finally, CAP Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth $208,000. 49.88% of the stock is owned by institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.