Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 12-Month High - Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's stock price reached a new 52-week high on Monday . The stock traded as high as $63.75 and last traded at $63.36, with a volume of 71589 shares trading hands. The stock had previously closed at $62.95.

Wall Street Analyst Weigh In

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

Canadian Imperial Bank of Commerce Stock Up 0.4 %

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $59.70 billion, a PE ratio of 12.42, a P/E/G ratio of 1.89 and a beta of 1.06. The firm's 50 day moving average is $60.92 and its 200-day moving average is $53.41.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.13%. Canadian Imperial Bank of Commerce's payout ratio is currently 52.46%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CM. Toronto Dominion Bank boosted its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares in the last quarter. M&G Plc bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $8,221,000. Cetera Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $1,278,000. Legal & General Group Plc grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock worth $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Canadian Imperial Bank of Commerce by 1,091.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank's stock valued at $13,477,000 after acquiring an additional 244,700 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

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.