Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 52-Week High - What's Next?

Key Points

• Shares of Canadian Imperial Bank of Commerce reached a new 52-week high of $110.35, last trading around $110.20 on Monday with roughly 782,900 shares changing hands.
• CIBC beat expectations for the quarter with EPS $1.99 (vs. $1.74 expected) and revenue of $6.16 billion (up 15.3% YoY), and announced a quarterly dividend of $1.07 (annualized $4.28; ~3.9% yield; ex‑dividend March 27).
• Analyst sentiment is generally positive after recent upgrades (Barclays to "overweight", Zacks to "strong-buy"), but the MarketBeat consensus is a Moderate Buy with a target price of $107.50, which is below the current share price.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM hit a new 52-week high during trading on Monday . The stock traded as high as $110.35 and last traded at $110.2020, with a volume of 782928 shares. The stock had previously closed at $109.26.

Wall Street Analyst Weigh In

Several analysts have commented on CM shares. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a research note on Thursday, February 19th. Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday. Finally, Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

The business's fifty day moving average price is $98.73 and its two-hundred day moving average price is $91.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $101.08 billion, a P/E ratio of 16.02, a P/E/G ratio of 1.13 and a beta of 1.00.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same period in the previous year, the firm posted $2.20 EPS. The business's quarterly revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be issued a $1.07 dividend. The ex-dividend date is Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce's payout ratio is 45.63%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in CM. AdvisorNet Financial Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank's stock worth $32,000 after purchasing an additional 300 shares during the period. Toth Financial Advisory Corp purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $32,000. Larson Financial Group LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank's stock worth $32,000 after purchasing an additional 219 shares during the period. Grey Fox Wealth Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $34,000. Finally, Guerra Advisors Inc purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $35,000. 49.88% of the stock is currently owned by 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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