Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 12-Month High – Here’s Why

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $91.75 and last traded at $91.6550, with a volume of 210630 shares. The stock had previously closed at $90.49.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent analyst reports. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The business’s fifty day moving average price is $83.86 and its two-hundred day moving average price is $77.08. The stock has a market capitalization of $85.20 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.26 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.91 EPS. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.7%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date is Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is 50.25%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently added to or reduced their stakes in the company. Canerector Inc. lifted its position in Canadian Imperial Bank of Commerce by 11,021.0% during the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares during the period. Norges Bank acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $730,245,000. Goldman Sachs Group Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 405.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after purchasing an additional 4,160,938 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Canadian Imperial Bank of Commerce by 130.2% during the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after purchasing an additional 4,160,060 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock valued at $595,762,000 after buying an additional 2,538,808 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.