Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 52-Week High - Here's What Happened

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $70.97 and last traded at $70.88, with a volume of 153299 shares traded. The stock had previously closed at $70.83.

Analyst Ratings Changes

Several research firms recently issued reports on CM. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating for the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Royal Bank Of Canada increased their target price 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. Finally, Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

The business has a 50 day moving average of $67.15 and a 200 day moving average of $62.68. The company has a market capitalization of $67.75 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.56 and a beta of 1.05. 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 announced its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period in the prior year, the company earned $1.75 earnings per share. The firm's revenue was up 13.9% on a year-over-year basis. On average, 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 business also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be given a $0.7024 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 3.90%. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 49.56%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hudson Value Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $708,000. Rhumbline Advisers lifted its stake in shares of Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock valued at $229,000 after purchasing an additional 404 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 8.5% in the 4th quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock valued at $18,927,000 after purchasing an additional 23,403 shares during the last quarter. Capital International Investors bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $424,386,000. Finally, Mackenzie Financial Corp lifted its stake in shares of Canadian Imperial Bank of Commerce by 41.1% in the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank's stock valued at $431,952,000 after purchasing an additional 1,990,520 shares during the last quarter. Hedge funds and other 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.