Canadian Imperial Bank of Commerce (TSE:CM) Given New C$170.00 Price Target at Desjardins

Key Points

• Desjardins lowered its price target for Canadian Imperial Bank of Commerce from C$173.00 to C$170.00 while maintaining a “hold” rating, implying 7.51% potential upside from the prior close.
• Analyst sentiment remains cautious: five analysts rate the stock a Buy and seven rate it Hold, with an average price target of C$167.71.
• CIBC shares fell 0.6% to C$158.13 in Friday trading. The bank recently reported quarterly EPS of C$2.73 and revenue of C$8.37 billion, while insiders have sold 17,776 shares worth approximately C$2.82 million over the past three months.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price objective decreased by stock analysts at Desjardins from C$173.00 to C$170.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a "hold" rating on the stock. Desjardins' target price indicates a potential upside of 7.51% from the company's previous close.

Other equities research analysts have also recently issued research reports about the company. Jefferies Financial Group raised their price objective on Canadian Imperial Bank of Commerce from C$143.00 to C$153.00 and gave the company a "hold" rating in a research note on Thursday, August 13th. Barclays lifted their target price on shares of Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a research report on Friday, August 21st. Raymond James Financial lifted their target price on Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the stock a "market perform" rating in a research note on Wednesday, August 12th. National Bank Financial set a C$180.00 price objective on Canadian Imperial Bank of Commerce and gave the company a "sector perform" rating in a research note on Monday. Finally, Keefe, Bruyette & Woods set a C$186.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the company a "hold" rating in a report on Friday, August 21st. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of C$167.71.

Canadian Imperial Bank of Commerce Stock Down 0.6%

CM traded down C$1.03 during trading on Friday, reaching C$158.13. 863,331 shares of the stock traded hands, compared to its average volume of 2,505,650. The stock has a market capitalization of C$144.34 billion, a PE ratio of 15.69, a P/E/G ratio of 3.03 and a beta of 1.40. The stock's 50-day moving average is C$164.90 and its 200 day moving average is C$151.12. Canadian Imperial Bank of Commerce has a 12 month low of C$105.01 and a 12 month high of C$172.87.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last announced its earnings results on Thursday, August 27th. The company reported C$2.73 EPS for the quarter. The company had revenue of C$8.37 billion for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Insider Transactions at Canadian Imperial Bank of Commerce

In related news, insider Christopher John Anderson sold 8,490 shares of the firm's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total transaction of C$1,320,195.00. Following the transaction, the insider directly owned 6,252 shares of the company's stock, valued at approximately C$972,186. This trade represents a 57.59% decrease in their position. Also, insider Amy Florence South sold 1,200 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of C$160.92, for a total value of C$193,104.00. In the last three months, insiders sold 17,776 shares of company stock worth $2,817,744. 0.02% of the stock is currently owned by corporate insiders.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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