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

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high during mid-day trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from C$81.00 to C$92.00. The company traded as high as C$90.70 and last traded at C$90.62, with a volume of 188082 shares changing hands. The stock had previously closed at C$89.85.

CM has been the topic of a number of other research reports. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating and boosted their target price for the company from C$74.00 to C$90.00 in a report on Friday, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and upped their price target for the stock from C$75.00 to C$83.00 in a report on Friday, August 30th. TD Securities upped their price target on shares of Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a report on Friday, November 15th. BMO Capital Markets upped their price target on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a report on Monday. Finally, Desjardins upped their price target on shares of Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average target price of C$82.38.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, Director Harry Kenneth Culham sold 50,000 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of C$81.87, for a total transaction of C$4,093,500.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of C$79.89, for a total transaction of C$441,791.70. Over the last ninety days, insiders sold 203,057 shares of company stock worth $16,823,249. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 0.6 %

The stock’s fifty day moving average price is C$85.04 and its two-hundred day moving average price is C$74.10. The company has a market capitalization of C$85.38 billion, a PE ratio of 13.00, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its earnings results on Thursday, August 29th. The company reported C$1.93 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. The company had revenue of C$6.60 billion during the quarter, compared to analyst estimates of C$6.31 billion. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. On average, equities research analysts forecast 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 declared 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 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 52.10%.

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.