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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high on Tuesday . The company traded as high as C$84.79 and last traded at C$84.62, with a volume of 1005653 shares traded. The stock had previously closed at C$83.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Desjardins increased their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada increased their price target on Canadian Imperial Bank of Commerce from C$69.00 to C$74.00 and gave the company a “sector perform” rating in a research note on Friday, August 30th. Canaccord Genuity Group raised their price objective on Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a research note on Tuesday, August 13th. Cormark upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their price objective for the stock from C$75.00 to C$83.00 in a research note on Friday, August 30th. Finally, Barclays raised their price objective on Canadian Imperial Bank of Commerce from C$71.00 to C$77.00 and gave the stock an “underweight” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$79.15.

Canadian Imperial Bank of Commerce Stock Up 1.0 %

The stock has a market cap of C$80.09 billion, a PE ratio of 12.14, a P/E/G ratio of 3.01 and a beta of 1.12. The stock has a 50-day moving average of C$78.18 and a 200 day moving average of C$70.83.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, beating analysts’ consensus estimates of C$1.75 by C$0.18. Canadian Imperial Bank of Commerce had a return on equity of 12.37% and a net margin of 29.56%. The company had revenue of C$6.60 billion for the quarter, compared to the consensus estimate of C$6.31 billion. Research analysts forecast that Canadian Imperial Bank of Commerce will post 7.5827138 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company 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 $0.90 dividend. The ex-dividend date is Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.25%. Canadian Imperial Bank of Commerce’s payout ratio is presently 52.10%.

Insider Buying and Selling

In related news, Director Harry Kenneth Culham sold 50,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of C$83.42, for a total transaction of C$4,170,750.00. In related news, Director Harry Kenneth Culham sold 50,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of C$83.42, for a total transaction of C$4,170,750.00. Also, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of C$79.89, for a total value of C$441,791.70. Insiders sold 203,057 shares of company stock valued at $16,823,249 in the last three months. 0.02% of the stock is owned by corporate insiders.

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.