Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 1-Year High on Better-Than-Expected Earnings

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's share price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $69.88 and last traded at $68.17, with a volume of 145182 shares changing hands. The stock had previously closed at $67.91.

The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. Canadian Imperial Bank of Commerce had a net margin of 11.10% and a return on equity of 14.01%. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the business posted $1.75 earnings per share. The company's revenue was up 13.9% on a year-over-year basis.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be given a dividend of $0.7024 per share. This represents a $2.81 dividend on an annualized basis and a dividend yield of 4.15%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.28%.

Analyst Ratings Changes

A number of research firms have issued reports on CM. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Royal Bank of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a report on Friday. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Friday. Scotiabank began coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Finally, Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $109.00.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Canadian Imperial Bank of Commerce by 6.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock worth $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of 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 purchasing an additional 404 shares during the period. American Century Companies Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 8.5% in the fourth 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 last quarter. Capital International Investors acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $424,386,000. Finally, Mission Wealth Management LP bought a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $322,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 0.3%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business has a fifty day simple moving average of $61.57 and a 200 day simple moving average of $61.97. The stock has a market capitalization of $63.66 billion, a price-to-earnings ratio of 12.66, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06.

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.