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

Key Points

• The Canadian Imperial Bank of Commerce (TSE:CM) reached a new 52-week high, trading at C$106.52, with shares increasing significantly in volume to 1,947,028.
• Analysts have increased their price targets for the bank, with Desjardins setting a target of C$113.00 and four analysts giving the stock a "buy" rating.
• The bank recently declared a quarterly dividend of $0.97 per share, representing an annualized yield of 3.6% and a payout ratio of 46.07%.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM's stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$106.52 and last traded at C$106.47, with a volume of 1947028 shares traded. The stock had previously closed at C$106.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CM shares. Desjardins increased their target price on 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. Scotiabank increased their target price on Canadian Imperial Bank of Commerce from C$101.00 to C$116.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Barclays increased their target price on 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. Royal Bank Of Canada increased their target price on Canadian Imperial Bank of Commerce from C$112.00 to C$113.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Finally, Canaccord Genuity Group increased their target price on Canadian Imperial Bank of Commerce from C$102.00 to C$111.00 and gave the stock a "hold" rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of C$108.25.

Canadian Imperial Bank of Commerce Stock Down 0.9%

The company's fifty day moving average price is C$101.05 and its 200-day moving average price is C$91.86. The stock has a market capitalization of C$100.77 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 3.03 and a beta of 1.33.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Monday, July 28th were issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 46.07%.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, Senior Officer Hratch Dikran Panossian sold 9,006 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of C$94.96, for a total transaction of C$855,240.38. Also, Senior Officer Shawn Beber sold 9,065 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$92.49, for a total transaction of C$838,382.87. Insiders have sold 21,222 shares of company stock valued at $1,991,750 over the last quarter. Company insiders own 0.02% of the company's stock.

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.