Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High Following Analyst Upgrade

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high during trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from C$81.00 to C$92.00. The company traded as high as C$90.70 and last traded at C$90.62, with a volume of 188082 shares traded. The stock had previously closed at C$89.85.

CM has been the subject of a number of other reports. TD Securities raised their price target on Canadian Imperial Bank of Commerce from C$91.00 to C$98.00 in a report on Friday, November 15th. Desjardins lifted their target price 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. Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and lifted their target price for the company from C$75.00 to C$83.00 in a research note on Friday, August 30th. Royal Bank of Canada lifted their target price 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. Finally, National Bankshares lifted their target price on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$82.38.

Insider Transactions at Canadian Imperial Bank of Commerce

In related news, Senior Officer Hratch Dikran Panossian sold 5,530 shares of the business’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. Also, Director Harry Kenneth Culham sold 800 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of C$83.20, for a total value of C$66,560.00. In the last ninety days, insiders sold 203,057 shares of company stock valued at $16,823,249. Corporate insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

The business has a 50 day moving average price of C$85.04 and a two-hundred day moving average price of C$74.10. The stock has a market cap of C$85.38 billion, a PE ratio of 13.00, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The company reported C$1.93 EPS for the quarter, topping analysts’ consensus estimates of C$1.75 by C$0.18. The company had revenue of C$6.60 billion for the quarter, compared to analysts’ expectations of C$6.31 billion. Canadian Imperial Bank of Commerce had a net margin of 29.56% and a return on equity of 12.37%. As a group, 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a dividend of $0.90 per share. The ex-dividend date was Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a yield of 3.98%. Canadian Imperial Bank of Commerce’s payout ratio is 52.10%.

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.