Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 52-Week High - Here's Why

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 trading on Monday . The company traded as high as $79.67 and last traded at $78.37, with a volume of 1228883 shares trading hands. The stock had previously closed at $79.14.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CM. 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, August 9th. Royal Bank Of Canada increased their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. National Bank Financial cut 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, BMO Capital Markets increased 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. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The company's fifty day moving average is $74.24 and its 200 day moving average is $66.70. The stock has a market cap of $73.58 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 1.72 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter last year, the company earned $1.93 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.9%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.30%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently bought and sold shares of the company. Parallel Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 5.1% during the second quarter. Parallel Advisors LLC now owns 3,288 shares of the bank's stock worth $233,000 after buying an additional 160 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock worth $445,000 after buying an additional 160 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 0.3% in the second quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank's stock worth $3,788,000 after buying an additional 173 shares during the last quarter. Gradient Investments LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 2.4% in the first quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock worth $466,000 after buying an additional 191 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock worth $128,000 after buying an additional 193 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.