Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High - Here's Why

Key Points

• Canadian Imperial Bank of Commerce shares reached a new 52-week high of C$113.85, with a trading volume of 586,594 shares.
• Analysts have set various new price targets for the bank, with TD Securities raising theirs to C$117.00 and four analysts rating the stock as a "Buy."
• The bank announced a quarterly dividend of $0.97, which indicates an annual yield of 3.4% with a payout ratio of 46.07%.

Shares of Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM hit a new 52-week high during trading on Friday . The company traded as high as C$113.85 and last traded at C$113.85, with a volume of 586594 shares trading hands. The stock had previously closed at C$112.70.

Analysts Set New Price Targets

A number of analysts have commented on the stock. TD Securities increased their price target on shares of Canadian Imperial Bank of Commerce from C$110.00 to C$117.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Canaccord Genuity Group boosted their target price on shares of Canadian Imperial Bank of Commerce from C$102.00 to C$111.00 and gave the stock a "hold" rating in a research note on Friday, August 29th. Barclays lifted their target price on shares of Canadian Imperial Bank of Commerce from C$96.00 to C$106.00 and gave the stock an "underweight" rating in a research report on Friday, August 29th. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from C$107.00 to C$112.00 in a research report on Friday, August 29th. Finally, Desjardins lifted their target price on shares of Canadian Imperial Bank of Commerce from C$106.00 to C$113.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of C$108.25.

Canadian Imperial Bank of Commerce Stock Performance

The company has a 50-day simple moving average of C$105.52 and a 200-day simple moving average of C$95.38. The company has a market cap of C$105.65 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 3.03 and a beta of 1.33.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Tuesday, October 28th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a yield of 3.4%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 46.07%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada's fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.

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