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

Key Points

• The Canadian Imperial Bank of Commerce (CIBC) shares reached a new 52-week high at $75.12, closing at $74.78 with a trading volume of over 409,000 shares.
• Recent analyst ratings show mixed views, with Royal Bank of Canada raising their target price to $116.00 while National Bank Financial downgraded its rating to "sector perform." Overall, the bank has an average rating of "Moderate Buy" and a consensus target price of $109.00.
• CIBC recently increased its quarterly dividend to $0.7024, up from $0.67, resulting in an annualized dividend yield of 3.7% and a payout ratio of 49.56%.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $75.12 and last traded at $74.78, with a volume of 409079 shares trading hands. The stock had previously closed at $73.81.

Analyst Ratings Changes

Several research firms have issued reports on CM. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $71.75 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.69 and a beta of 1.06. The stock's 50-day moving average is $72.72 and its 200 day moving average is $65.57.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.79%. The company had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. During the same period last year, the company posted $1.93 earnings per share. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. As a group, analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 5.0%. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. HM Payson & Co. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $29,000. TruNorth Capital Management LLC raised its position in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock worth $29,000 after purchasing an additional 312 shares during the last quarter. Truvestments Capital LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $32,000. Ameritas Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $34,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $35,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.