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Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High Following Analyst Upgrade

Canadian Imperial Bank of Commerce logo with Financial Services background

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares reached a new 52-week high on Tuesday after Scotiabank raised their price target on the stock from C$85.00 to C$108.00. The stock traded as high as C$92.17 and last traded at C$91.42, with a volume of 4291841 shares changing hands. The stock had previously closed at C$91.48.

A number of other research analysts have also recently commented on CM. Barclays upped their price target on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an "underweight" rating in a research note on Friday, August 30th. Royal Bank of Canada lifted their price objective on Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the stock a "sector perform" rating in a report on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating and upped their target price for the stock from C$74.00 to C$90.00 in a research report on Friday, August 30th. Jefferies Financial Group lowered their price target on Canadian Imperial Bank of Commerce from C$79.00 to C$78.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a "market perform" rating to a "buy" rating and lifted their price objective for the company from C$75.00 to C$83.00 in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of C$87.17.

Get Our Latest Analysis on CM

Insider Activity

In other news, Director Harry Kenneth Culham sold 800 shares of the firm's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of C$83.20, for a total value of C$66,560.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total transaction of C$441,791.70. Over the last ninety days, insiders have sold 203,057 shares of company stock valued at $16,823,249. Company insiders own 0.02% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.2 %

The stock has a market cap of C$86.23 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 3.03 and a beta of 1.12. The stock's 50 day moving average is C$85.87 and its two-hundred day moving average is C$74.84.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last issued its earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping the consensus estimate of C$1.75 by C$0.18. The firm had revenue of C$6.60 billion during the quarter, compared to analysts' expectations of C$6.31 billion. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is 52.10%.

Canadian Imperial Bank of Commerce Company Profile

(Get Free Report)

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.

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