Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High - Should You Buy?

Key Points

• Canadian Imperial Bank of Commerce's stock reached a new 52-week high, trading as high as C$101.62 with a latest price of C$101.52.
• Analyst ratings are mixed, with one sell, three holds, seven buys, and a current consensus rating of "Moderate Buy" with a target price of C$96.23.
• Insider selling included significant shares sold by senior officers, totaling over C$9.9 million in value in the last ninety days.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares hit a new 52-week high on Tuesday . The stock traded as high as C$101.62 and last traded at C$101.52, with a volume of 2157751 shares. The stock had previously closed at C$101.44.

Analyst Upgrades and Downgrades

CM has been the subject of several analyst reports. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and decreased their target price for the company from C$100.00 to C$89.00 in a research note on Monday, April 21st. Scotiabank raised shares of Canadian Imperial Bank of Commerce to a "strong-buy" rating in a research note on Thursday, May 15th. National Bankshares set a C$95.00 target price on shares of Canadian Imperial Bank of Commerce and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Royal Bank Of Canada decreased their target price on shares of Canadian Imperial Bank of Commerce from C$116.00 to C$112.00 and set an "outperform" rating for the company in a research note on Monday, June 9th. Finally, Canaccord Genuity Group set a C$96.00 target price on shares of Canadian Imperial Bank of Commerce and gave the company a "hold" rating in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$96.23.

Canadian Imperial Bank of Commerce Stock Performance

The stock has a market capitalization of C$92.54 billion, a P/E ratio of 13.06, a PEG ratio of 3.03 and a beta of 1.12. The business has a fifty day simple moving average of C$96.64 and a 200-day simple moving average of C$89.54.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Monday, July 28th were given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.55%.

Insider Transactions at Canadian Imperial Bank of Commerce

In related news, Senior Officer Hratch Dikran Panossian sold 9,006 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of C$94.96, for a total value of C$855,240.38. Also, Senior Officer John Hountalas sold 32,018 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of C$93.87, for a total value of C$3,005,657.73. Insiders sold 105,837 shares of company stock valued at $9,903,590 over the last ninety days. 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.