Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 1-Year High at $61.90

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) shares hit a new 52-week high on Monday . The company traded as high as $61.90 and last traded at $61.72, with a volume of 84618 shares. The stock had previously closed at $61.45.

Wall Street Analyst Weigh In

CM has been the subject of several recent analyst reports. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating for the company. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

The firm has a 50-day moving average of $53.64 and a two-hundred day moving average of $50.46. The firm has a market cap of $58.08 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.85 and a beta of 1.07. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the company earned $1.14 earnings per share. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.73%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Ridgewood Investments LLC acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $29,000. EverSource Wealth Advisors LLC boosted its stake in Canadian Imperial Bank of Commerce by 574.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after purchasing an additional 908 shares in the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $51,000. Principal Securities Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $64,000. Finally, Ninepoint Partners LP bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at about $97,000. Institutional investors own 49.88% of the company’s stock.

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.