Canadian Imperial Bank of Commerce (TSE:CM) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Key Points

• Royal Bank of Canada raised CIBC’s price target from C$167 to C$176 and maintained an “outperform” rating, implying 11.3% upside from the prior close.
• Analyst sentiment remains mixed: five analysts rate the stock a Buy and seven rate it Hold, producing a consensus “Hold” rating and average target of C$167.71.
• CIBC reported quarterly earnings of C$2.73 per share on C$8.37 billion in revenue, while its shares recently traded at C$158.13, down 0.6%.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price objective hoisted by equities researchers at Royal Bank Of Canada from C$167.00 to C$176.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 11.30% from the company's previous close.

Several other equities research analysts have also commented on the company. Raymond James Financial upped their target price on Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the company a "market perform" rating in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods set a C$186.00 target price on Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a report on Friday, August 21st. National Bank Financial set a C$180.00 target price on Canadian Imperial Bank of Commerce and gave the stock a "sector perform" rating in a report on Monday. Barclays boosted their price target on Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a research note on Friday, August 21st. Finally, Canaccord Genuity Group increased their price target on Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the stock a "hold" rating in a report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of C$167.71.

Canadian Imperial Bank of Commerce Trading Down 0.6%

CM stock traded down C$1.03 during midday trading on Friday, hitting C$158.13. The stock had a trading volume of 863,331 shares, compared to its average volume of 2,505,650. The firm has a market cap of C$144.34 billion, a P/E ratio of 15.69, a price-to-earnings-growth ratio of 3.03 and a beta of 1.40. Canadian Imperial Bank of Commerce has a 1-year low of C$105.01 and a 1-year high of C$172.87. The business has a fifty day moving average price of C$164.90 and a two-hundred day moving average price of C$151.12.

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

Insider Activity at Canadian Imperial Bank of Commerce

In related news, insider Amy Florence South sold 1,086 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total value of C$176,094.90. Also, insider Christopher John Anderson sold 8,490 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the transaction, the insider directly owned 6,252 shares in the company, valued at approximately C$972,186. This trade represents a 57.59% decrease in their ownership of the stock. Insiders sold 17,776 shares of company stock valued at $2,817,744 in the last three months. Corporate insiders own 0.02% of the company's stock.

About Canadian Imperial Bank of Commerce

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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