Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 1-Year High - Here's What Happened

Key Points

• Canadian Imperial Bank of Commerce (NYSE:CM) hit a new 52-week high of $113.28 on Monday, last trading around $110.93 with roughly 1.32 million shares changing hands.
• CIBC beat expectations for the most recent quarter with $1.99 EPS versus $1.74 expected and revenue of $6.16 billion versus $5.53 billion expected, with revenue up 15.3% year-over-year; analysts forecast $7.51 EPS for the current year.
• Market sentiment is mixed but positive overall—MarketBeat shows an average rating of Moderate Buy and a $107.50 target (Barclays upgraded to overweight while Zacks cut to hold)—and the bank pays a quarterly dividend of $1.07 (annualized $4.28) for a 3.9% yield.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM reached a new 52-week high during trading on Monday . The stock traded as high as $113.28 and last traded at $110.9250, with a volume of 1315575 shares changing hands. The stock had previously closed at $112.15.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CM. Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Weiss Ratings lowered 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. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average 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 quick ratio of 1.02 and a current ratio of 1.02. The business's 50 day simple moving average is $100.99 and its 200-day simple moving average is $93.55. The stock has a market capitalization of $101.76 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. During the same period in the previous year, the business posted $2.20 EPS. Canadian Imperial Bank of Commerce's revenue was up 15.3% on a year-over-year basis. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.51 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date was Friday, March 27th. Canadian Imperial Bank of Commerce's payout ratio is 45.77%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently made changes to their positions in CM. CIBC Bancorp USA Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $11,217,000. Mackenzie Financial Corp raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% in the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank's stock worth $509,763,000 after purchasing an additional 67,738 shares in the last quarter. Cidel Asset Management Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 12.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank's stock worth $40,632,000 after purchasing an additional 55,138 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 34.8% in the 3rd quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank's stock worth $134,760,000 after purchasing an additional 435,799 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 10.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank's stock worth $826,866,000 after purchasing an additional 980,811 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

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.

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