Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High on Analyst Upgrade

Key Points

• Canadian Imperial Bank of Commerce's stock reached a new 12-month high of C$101.93 after Jefferies Financial Group raised its price target from C$94.00 to C$102.00.
• In the latest analyst ratings, the consensus rating is "Moderate Buy" with a target price of C$99.00, while several analysts have varied assessments from "Buy" to "Underperform."
• The bank recently announced a quarterly dividend of $0.97, representing an annualized dividend of $3.88 and a yield of 3.8%, with a payout ratio of 47.55%.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM hit a new 52-week high during mid-day trading on Thursday after National Bankshares raised their price target on the stock from C$98.00 to C$99.00. National Bankshares currently has a sector perform rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$101.93 and last traded at C$101.80, with a volume of 901098 shares traded. The stock had previously closed at C$100.92.

CM has been the topic of several other research reports. Desjardins raised their price objective on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Canaccord Genuity Group set a C$96.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a report on Tuesday, June 24th. Jefferies Financial Group upped their price objective on Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a report on Wednesday, August 13th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Thursday, May 29th. Finally, Scotiabank upgraded Canadian Imperial Bank of Commerce to a "strong-buy" rating in a report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of C$99.46.

Insider Activity

In other news, Senior Officer Shawn Beber sold 9,107 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of C$94.28, for a total value of C$858,567.89. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the business's 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 transaction of C$4,047,614.30. In the last three months, insiders have sold 105,837 shares of company stock worth $9,903,590. Corporate insiders own 0.02% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

The stock has a market cap of C$95.33 billion, a P/E ratio of 13.46, a P/E/G ratio of 3.03 and a beta of 1.12. The stock's fifty day moving average is C$98.08 and its 200 day moving average is C$90.21.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Monday, July 28th were paid a dividend of $0.97 per share. The ex-dividend date was Friday, June 27th. This represents a $3.88 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.55%.

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.