Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 12-Month High - Here's Why

Key Points

• Canadian Imperial Bank of Commerce (NYSE:CM) reached a new 12-month high of $80.39 during trading, indicating strong investor interest with a volume of over 908,601 shares exchanged.
• The bank's recent earnings report disclosed $1.57 EPS, surpassing expectations, while revenue increased by 3.3% year-over-year, totaling $5.24 billion.
• The company announced an increase in its quarterly dividend from $0.70 to $0.97, representing an annual yield of 4.8%, effective for investors of record by September 29th.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $80.39 and last traded at $80.23, with a volume of 908601 shares. The stock had previously closed at $79.64.

Wall Street Analyst Weigh In

CM has been the topic of several analyst reports. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock 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. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, 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. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

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 stock has a market cap of $75.83 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.76 and a beta of 1.03. The company's 50 day simple moving average is $75.02 and its 200 day simple moving average is $67.48.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $5.12 billion. During the same quarter last year, the business posted $1.93 EPS. Canadian Imperial Bank of Commerce's quarterly revenue was up 3.3% compared to the same quarter last year. Analysts expect 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is 47.64%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 137.7% during the 2nd quarter. Osaic Holdings Inc. now owns 30,406 shares of the bank's stock valued at $2,154,000 after buying an additional 17,612 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in shares of Canadian Imperial Bank of Commerce by 11.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,292 shares of the bank's stock valued at $1,296,000 after buying an additional 1,864 shares in the last quarter. Silverlake Wealth Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $253,000. Public Sector Pension Investment Board raised its position in shares of Canadian Imperial Bank of Commerce by 51.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank's stock valued at $503,383,000 after buying an additional 2,425,000 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 5.7% during the 2nd quarter. Evergreen Capital Management LLC now owns 10,446 shares of the bank's stock valued at $740,000 after buying an additional 560 shares in 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.