Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High Following Analyst Upgrade

Key Points

• CM hit a new 52-week high after TD raised its price target from C$153 to C$166 and kept a buy rating; the stock traded as high as C$154.25 and last at C$153.48 on heavy volume.
• Several analysts revised targets—Scotiabank, TD Securities, National Bank and Barclays raised theirs while RBC trimmed its target—leaving a consensus rating of "Moderate Buy" and a consensus price target of C$149.68.
• Recent fundamentals: quarterly EPS of C$2.76 on C$8.40B revenue, market cap C$141.21B and P/E of 16.0, and the company pays a quarterly dividend of C$1.07 (annualized yield ~2.8%).

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares hit a new 52-week high on Wednesday after TD raised their price target on the stock from C$153.00 to C$166.00. TD currently has a buy rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$154.25 and last traded at C$153.48, with a volume of 1067855 shares traded. The stock had previously closed at C$149.95.

Several other research firms have also commented on CM. TD Securities lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$142.00 to C$153.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Scotiabank increased their price target on Canadian Imperial Bank of Commerce from C$153.00 to C$159.00 and gave the stock a "sector outperform" rating in a report on Monday. National Bank Financial increased their price target on Canadian Imperial Bank of Commerce from C$131.00 to C$150.00 and gave the stock a "sector perform" rating in a report on Friday, February 27th. Royal Bank Of Canada decreased their target price on Canadian Imperial Bank of Commerce from C$158.00 to C$147.00 and set an "outperform" rating for the company in a research report on Wednesday, March 25th. Finally, Barclays lifted their target price on Canadian Imperial Bank of Commerce from C$137.00 to C$141.00 in a research report on Monday, March 2nd. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of C$149.68.

Canadian Imperial Bank of Commerce Price Performance

The firm has a fifty day moving average of C$138.95 and a two-hundred day moving average of C$129.35. The stock has a market capitalization of C$141.21 billion, a P/E ratio of 16.00, a P/E/G ratio of 3.03 and a beta of 1.30.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last released its quarterly earnings data on Thursday, February 26th. The company reported C$2.76 earnings per share for the quarter. The firm had revenue of C$8.40 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 14.76% and a net margin of 17.63%. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Investors of record on Tuesday, April 28th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Friday, March 27th. Canadian Imperial Bank of Commerce's payout ratio is presently 41.50%.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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