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

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) hit a new 52-week high on Thursday after National Bankshares raised their price target on the stock from C$98.00 to C$99.00. National Bankshares currently has a sector perform rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$101.93 and last traded at C$101.80, with a volume of 901098 shares traded. The stock had previously closed at C$100.92.

A number of other equities analysts also recently weighed in on the company. Barclays boosted their price target on Canadian Imperial Bank of Commerce from C$94.00 to C$96.00 and gave the stock an “underweight” rating in a research report on Thursday. Canaccord Genuity Group set a C$96.00 target price on Canadian Imperial Bank of Commerce and gave the company a “hold” rating in a research report on Tuesday, June 24th. Royal Bank Of Canada decreased their target price on Canadian Imperial Bank of Commerce from C$116.00 to C$112.00 and set an “outperform” rating on the stock in a research report on Monday, June 9th. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research report on Thursday, May 29th. Finally, Desjardins upped their target price on Canadian Imperial Bank of Commerce from C$100.00 to C$106.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$99.46.

Insider Buying and Selling

In related news, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of C$93.07, for a total value of C$4,047,614.30. Also, Senior Officer Shawn Beber sold 3,151 shares of the business’s stock in a transaction that occurred on Thursday, June 19th. The shares were sold at an average price of C$94.61, for a total value of C$298,126.51. In the last ninety days, insiders have sold 105,837 shares of company stock valued at $9,903,590. 0.02% of the stock is currently owned by corporate insiders.

Canadian Imperial Bank of Commerce Stock Down 0.0%

The firm has a 50 day simple moving average of C$98.08 and a two-hundred day simple moving average of C$90.25. The stock has a market capitalization of C$95.42 billion, a P/E ratio of 13.47, a PEG ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Monday, July 28th were paid a dividend of $0.97 per share. The ex-dividend date was Friday, June 27th. This represents a $3.88 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 47.55%.

Canadian Imperial Bank of Commerce Company Profile

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.