Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 1-Year High - Still a Buy?

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CM. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.3%

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm's 50 day simple moving average is $60.94 and its two-hundred day simple moving average is $61.91. The firm has a market cap of $64.25 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were issued a $0.6723 dividend. This represents a $2.69 annualized dividend and a yield of 3.94%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock valued at $359,320,000 after buying an additional 334,545 shares during the period. Rhumbline Advisers increased its holdings in Canadian Imperial Bank of Commerce by 12.6% in the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank's stock valued at $229,000 after buying an additional 404 shares during the period. American Century Companies Inc. increased its holdings in Canadian Imperial Bank of Commerce by 8.5% in the 4th quarter. American Century Companies Inc. now owns 299,211 shares of the bank's stock valued at $18,927,000 after buying an additional 23,403 shares during the period. Capital International Investors bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $424,386,000. Finally, Smith Group Asset Management LLC bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $4,875,000. 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.