Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 12-Month Low Following Analyst Downgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price hit a new 52-week low during mid-day trading on Monday after TD Securities lowered their price target on the stock from C$100.00 to C$99.00. TD Securities currently has a buy rating on the stock. Canadian Imperial Bank of Commerce traded as low as C$0.01 and last traded at C$87.38, with a volume of 963993 shares traded. The stock had previously closed at C$87.67.

CM has been the topic of a number of other reports. UBS Group reduced their target price on shares of Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a report on Friday, February 14th. National Bankshares increased their price objective on Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research note on Wednesday, November 20th. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research note on Monday, November 18th. Royal Bank of Canada increased their price target on Canadian Imperial Bank of Commerce from C$103.00 to C$108.00 in a research report on Friday. Finally, Scotiabank lowered their price objective on Canadian Imperial Bank of Commerce from C$114.00 to C$95.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued 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$93.50.

Insiders Place Their Bets

In related news, Director Victor George Dodig sold 150,000 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of C$94.22, for a total transaction of C$14,132,865.00. Also, Senior Officer Frank Guse sold 5,360 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of C$93.28, for a total value of C$499,985.62. Following the completion of the sale, the insider now directly owns 440 shares in the company, valued at C$41,043.60. This represents a 92.41 % decrease in their position. In the last three months, insiders have sold 177,012 shares of company stock valued at $16,687,218. Insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 1.1 %

The business’s fifty day moving average is C$89.60 and its 200 day moving average is C$85.98. The stock has a market cap of C$81.09 billion, a PE ratio of 11.45, a P/E/G ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 4.48%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.55%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.