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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) reached a new 52-week high during trading on Thursday . The company traded as high as $122.52 and last traded at $121.7990, with a volume of 123023 shares trading hands. The stock had previously closed at $120.90.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CM shares. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday. Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research note on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

The stock’s fifty day moving average price is $116.34 and its 200-day moving average price is $107.36. The firm has a market cap of $112.94 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.33 and a beta of 1.01. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.05 earnings per share. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 7.33 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 42.58%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Caisse de depot et placement du Quebec acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at about $79,906,000. Man Group plc purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $4,434,000. Jupiter Topco LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $10,870,000. Bristol Gate Capital Partners Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $579,000. Finally, Hsbc Holdings PLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $799,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.