Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High – Here’s Why

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares reached a new 52-week high on Thursday . The stock traded as high as C$134.24 and last traded at C$133.47, with a volume of 157412 shares trading hands. The stock had previously closed at C$132.41.

Analyst Upgrades and Downgrades

Several analysts have commented on CM shares. TD Securities boosted their price target on shares of Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a research note on Monday, February 9th. Canaccord Genuity Group boosted their target price on Canadian Imperial Bank of Commerce from C$129.00 to C$136.00 and gave the stock a “hold” rating in a research report on Thursday, February 12th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from C$130.00 to C$135.00 in a research note on Wednesday, December 17th. Desjardins lifted their price objective on Canadian Imperial Bank of Commerce from C$135.00 to C$139.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Finally, Scotiabank upped their price objective on Canadian Imperial Bank of Commerce from C$133.00 to C$138.00 in a report on Friday, January 9th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of C$134.30.

Canadian Imperial Bank of Commerce Trading Up 1.0%

The firm has a market capitalization of C$123.90 billion, a P/E ratio of 15.60, a price-to-earnings-growth ratio of 3.03 and a beta of 1.26. The firm has a 50 day moving average price of C$127.88 and a 200-day moving average price of C$117.78.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its earnings results on Thursday, December 4th. The company reported C$2.21 earnings per share for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 12.61% and a net margin of 27.87%.The firm had revenue of C$7.58 billion for the quarter. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Wednesday, January 28th were paid a $1.07 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is currently 45.27%.

Insider Activity

In related news, insider Frank Guse sold 5,000 shares of the company’s stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of C$127.16, for a total transaction of C$635,800.00. Following the transaction, the insider directly owned 1,359 shares in the company, valued at approximately C$172,810.44. This represents a 78.63% decrease in their position. Company insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.