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

Key Points

• Canadian Imperial Bank of Commerce (CIBC) reached a new 52-week high of $79.67, closing just below that at $78.37 with substantial trading volume of 1,228,883 shares.
• Analysts have recently revised their ratings and target prices for CIBC, with an average price target of $107.50 and varying ratings from "Buy" to "Hold."
• CIBC increased its quarterly dividend from $0.70 to $0.97, resulting in an annual yield of about 5.0% for investors of record on September 29th.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM hit a new 52-week high during mid-day trading on Monday . The company traded as high as $79.67 and last traded at $78.37, with a volume of 1228883 shares traded. The stock had previously closed at $79.14.

Analyst Ratings Changes

CM has been the topic of a number of recent research reports. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Scotiabank assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. BMO Capital Markets raised 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. 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. Finally, Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

The firm's 50 day simple moving average is $73.52 and its 200-day simple moving average is $66.16. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $72.50 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.69 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same period in the prior year, the business posted $1.93 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.64%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently bought and sold shares of CM. Vanguard Group Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 3.5% during the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank's stock valued at $2,939,385,000 after acquiring an additional 1,382,123 shares during the period. Toronto Dominion Bank boosted 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 valued at $1,398,619,000 after acquiring an additional 234,088 shares during the period. Bank of Nova Scotia boosted 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 valued at $1,010,849,000 after acquiring an additional 773,174 shares during the period. JPMorgan Chase & Co. boosted its holdings in Canadian Imperial Bank of Commerce by 31.6% during the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after acquiring an additional 2,538,808 shares during the period. Finally, Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at about $730,245,000. 49.88% of the stock is currently owned by institutional investors.

About Canadian Imperial Bank of Commerce

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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