Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High – Still a Buy?

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high on Monday . The stock traded as high as C$117.36 and last traded at C$117.29, with a volume of 563035 shares traded. The stock had previously closed at C$116.21.

Analysts Set New Price Targets

Several research firms have weighed in on CM. Scotiabank increased their price objective on Canadian Imperial Bank of Commerce from C$116.00 to C$121.00 in a research report on Friday, October 10th. TD Securities increased their price objective on Canadian Imperial Bank of Commerce from C$110.00 to C$117.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Desjardins increased their price objective on Canadian Imperial Bank of Commerce from C$106.00 to C$113.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from C$112.00 to C$113.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Finally, Barclays raised their price target on Canadian Imperial Bank of Commerce from C$96.00 to C$106.00 and gave the stock an “underweight” rating in a research report on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus target price of C$108.67.

Canadian Imperial Bank of Commerce Price Performance

The stock has a 50-day simple moving average of C$111.13 and a 200-day simple moving average of C$100.55. The stock has a market cap of C$109.52 billion, a P/E ratio of 14.25, a PEG ratio of 3.03 and a beta of 1.37.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Tuesday, October 28th were paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 46.07%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.