Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 1-Year High - What's Next?

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $72.65 and last traded at $72.12, with a volume of 1192999 shares trading hands. The stock had previously closed at $72.15.

Analyst Ratings Changes

A number of research firms have recently commented on CM. Royal Bank Of Canada upped their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

The firm has a market capitalization of $67.80 billion, a P/E ratio of 12.67, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05. The company's 50 day moving average is $67.57 and its 200-day moving average is $62.76. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.75 earnings per share. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be paid a dividend of $0.7024 per share. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. This represents a $2.81 annualized dividend and a yield of 3.90%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.56%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Canadian Imperial Bank of Commerce by 1.6% during the first quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock worth $2,251,664,000 after buying an additional 642,924 shares during the last quarter. TD Asset Management Inc. raised its holdings in Canadian Imperial Bank of Commerce by 3.7% during the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock worth $1,492,138,000 after buying an additional 851,164 shares during the last quarter. Toronto Dominion Bank raised its holdings in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after buying an additional 234,088 shares during the last quarter. Bank of Nova Scotia raised its holdings in Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock worth $1,010,849,000 after buying an additional 773,174 shares during the last quarter. Finally, FIL Ltd raised its holdings in Canadian Imperial Bank of Commerce by 53.6% during the fourth quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after buying an additional 4,321,451 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

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.

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