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

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's stock price reached a new 52-week high during trading on Friday . The company traded as high as $67.80 and last traded at $67.85, with a volume of 246849 shares trading hands. The stock had previously closed at $66.95.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st. Finally, Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.8%

The firm has a 50 day moving average of $60.71 and a 200-day moving average of $61.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $64.62 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were given a dividend of $0.6723 per share. This represents a $2.69 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CM. Vanguard Group Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank's stock valued at $2,251,664,000 after buying an additional 642,924 shares in the last quarter. TD Asset Management Inc. raised its position in Canadian Imperial Bank of Commerce by 3.7% in the fourth quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank's stock worth $1,492,138,000 after purchasing an additional 851,164 shares in the last quarter. Toronto Dominion Bank lifted its stake in Canadian Imperial Bank of Commerce by 1.1% during the fourth quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank's stock worth $1,398,619,000 after purchasing an additional 234,088 shares during the period. Bank of Nova Scotia boosted its holdings in Canadian Imperial Bank of Commerce by 4.5% during the first quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank's stock valued at $1,010,849,000 after purchasing an additional 773,174 shares in the last quarter. Finally, FIL Ltd raised its holdings in shares of Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank's stock worth $783,613,000 after buying an additional 4,321,451 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

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.