Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High - Still a 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's stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$101.62 and last traded at C$101.52, with a volume of 2157751 shares changing hands. The stock had previously closed at C$101.44.

Wall Street Analyst Weigh In

CM has been the subject of a number of research reports. Canaccord Genuity Group set a C$96.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a research note on Tuesday, June 24th. National Bank Financial cut Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Thursday, May 29th. Barclays increased their target price on Canadian Imperial Bank of Commerce from C$90.00 to C$94.00 and gave the stock an "underperform" rating in a research note on Monday, June 9th. Royal Bank Of Canada reduced their price target on 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, Scotiabank upgraded Canadian Imperial Bank of Commerce to a "strong-buy" rating in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of C$96.23.

Canadian Imperial Bank of Commerce Stock Down 1.5%

The firm has a market cap of C$93.54 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The firm's 50-day simple moving average is C$96.38 and its 200 day simple moving average is C$89.40.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Monday, July 28th were issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is currently 47.55%.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, Senior Officer Hratch Dikran Panossian sold 9,006 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of C$94.96, for a total value of C$855,240.38. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of C$93.07, for a total value of C$4,047,614.30. Insiders sold a total of 105,837 shares of company stock worth $9,903,590 over the last three months. Corporate insiders own 0.02% of the company's stock.

About Canadian Imperial Bank of Commerce

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.