Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 52-Week High - Still a Buy?

Key Points

• 52-week high: Canadian Imperial Bank of Commerce reached a new 52-week high of $110.79 after reporting strong quarterly results — EPS $1.99 vs. $1.74 expected and revenue $6.16B (up 15.3% year-over-year).
• Analyst sentiment is largely positive with a consensus Moderate Buy and an average target of $107.50; recent upgrades from Zacks and Barclays offset a modest downgrade from Weiss.
• The stock offers a 3.9% yield ($1.07 quarterly), trades at a P/E of 16.11 with a market cap of about $101.5B, and carries a dividend payout ratio of 45.77%.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM reached a new 52-week high on Monday . The company traded as high as $110.79 and last traded at $110.78, with a volume of 214570 shares trading hands. The stock had previously closed at $109.52.

Analyst Ratings Changes

CM has been the topic of a number of analyst reports. Zacks Research raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. Finally, Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market capitalization of $101.46 billion, a P/E ratio of 16.11, a PEG ratio of 1.13 and a beta of 1.00. The company's 50 day simple moving average is $99.95 and its two-hundred day simple moving average is $92.71.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, beating the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The business had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $5.53 billion. During the same period in the prior year, the firm earned $2.20 earnings per share. Canadian Imperial Bank of Commerce's revenue was up 15.3% compared to the same quarter last year. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 7.51 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 45.77%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently bought and sold shares of CM. Larson Financial Group LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after acquiring an additional 219 shares during the period. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth $34,000. Guerra Advisors Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth $35,000. EFG International AG acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $35,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth $37,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.