Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 12-Month High - Still a Buy?

Key Points

• CIBC shares reached a new 52-week high of $122.52 and were last trading around $121.80, up 1.1%. The bank has a market capitalization of approximately $111.6 billion and a P/E ratio of 16.79.
• Analyst sentiment is cautiously positive, with five Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $167.00.
• CIBC exceeded quarterly earnings expectations, reporting EPS of $1.86 versus the $1.78 consensus and revenue of $5.89 billion. It also maintains a quarterly dividend of $1.07 per share, equivalent to a 3.5% annualized yield.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM shares hit a new 52-week high on Thursday . The company traded as high as $122.52 and last traded at $121.7990, with a volume of 123023 shares. The stock had previously closed at $120.90.

Analysts Set New Price Targets

CM has been the subject of a number of analyst reports. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a "buy (b)" rating to a "buy (b+)" rating in a research report on Friday, July 31st. Jefferies Financial Group reaffirmed a "hold" rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Raymond James Financial reiterated a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of "Moderate Buy" and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Trading Up 1.1%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The company has a 50 day simple moving average of $115.78 and a two-hundred day simple moving average of $107.04. The company has a market cap of $111.57 billion, a PE ratio of 16.79, a PEG ratio of 1.29 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The business had revenue of $5.89 billion during the quarter, compared to analyst estimates of $5.86 billion. During the same period in the prior year, the firm earned $2.05 earnings per share. The firm's revenue was up 14.0% compared to the same quarter last year. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.35 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 42.58%.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently modified their holdings of the company. Cibc World Market Inc. bought a new stake in Canadian Imperial Bank of Commerce in the second quarter worth $1,342,850,000. Bank of Nova Scotia acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $1,297,567,000. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $958,383,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $916,774,000. Finally, Mackenzie Financial Corp raised its stake in shares of Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank's stock valued at $986,173,000 after acquiring an additional 4,419,968 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile

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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