Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 1-Year High - Here's Why

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CM. Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, May 24th. Finally, 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. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

The company has a fifty day moving average of $68.35 and a 200 day moving average of $63.02. The firm has a market capitalization of $68.70 billion, a P/E ratio of 12.84, a PEG ratio of 1.59 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. The company 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%. The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 EPS. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be given a dividend of $0.7024 per share. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 annualized dividend and a dividend yield of 3.84%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 49.56%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently made changes to their positions in the business. Operose Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $26,000. SBI Securities Co. Ltd. bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $30,000. Sandy Spring Bank bought a new position in Canadian Imperial Bank of Commerce in the fourth quarter worth approximately $32,000. TruNorth Capital Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after acquiring an additional 312 shares in the last quarter. Finally, HM Payson & Co. bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth approximately $29,000. Institutional investors 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.