Canadian Imperial Bank of Commerce (TSE:CM) Sets New 52-Week High - Here's What Happened

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares reached a new 52-week high during trading on Monday . The company traded as high as C$95.80 and last traded at C$95.52, with a volume of 1108836 shares changing hands. The stock had previously closed at C$94.69.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and reduced their price target for the company from C$100.00 to C$89.00 in a research report on Monday, April 21st. Barclays upped their target price on shares of Canadian Imperial Bank of Commerce from C$90.00 to C$94.00 and gave the stock an "underperform" rating in a research report on Monday, June 9th. 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 report on Tuesday. TD Securities cut their target price on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$99.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Finally, Royal Bank Of Canada cut 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 report on Monday, June 9th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of C$96.23.

Canadian Imperial Bank of Commerce Price Performance

The firm has a market capitalization of C$90.01 billion, a P/E ratio of 12.71, a P/E/G ratio of 3.03 and a beta of 1.12. The firm's 50 day simple moving average is C$90.70 and its two-hundred day simple moving average is C$88.27.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Monday, July 28th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.55%.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, Senior Officer John Hountalas sold 32,018 shares of the business's 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. Also, Senior Officer Shawn Beber sold 9,107 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of C$94.28, for a total transaction of C$858,567.89. Insiders sold 105,837 shares of company stock valued at $9,903,590 over the last three months. 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.