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

Key Points

• Canadian Imperial Bank of Commerce (NYSE:CM) reached a new 52-week high of $81.70 during trading, with an average price target from analysts currently at $107.50.
• The bank reported a quarterly EPS of $1.57, exceeding estimates and showing a year-over-year revenue increase of 3.3%.
• The company recently raised its quarterly dividend to $0.97, indicative of a 4.8% yield and a dividend payout ratio of 47.64%.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $81.70 and last traded at $81.30, with a volume of 1452259 shares changing hands. The stock had previously closed at $81.59.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Finally, Royal Bank Of Canada upped their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

The stock has a market cap of $75.58 billion, a PE ratio of 13.73, a P/E/G ratio of 1.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The business has a fifty day moving average of $75.21 and a 200 day moving average of $67.73.

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 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.93 earnings per share. Sell-side analysts anticipate 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a $0.97 dividend. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.64%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Advisory Services LLC purchased a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $34,000. Atlantic Union Bankshares Corp acquired a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $35,000. TruNorth Capital Management LLC raised its stake in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares in the last quarter. HM Payson & Co. acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $29,000. Finally, Truvestments Capital LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 49.88% of the company's stock.

About Canadian Imperial Bank of Commerce

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.

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