Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares hit a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as C$96.45 and last traded at C$93.76, with a volume of 1186278 shares. The stock had previously closed at C$93.99.
The newly announced dividend which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.17%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 47.55%.
Wall Street Analysts Forecast Growth
CM has been the subject of several recent research reports. National Bankshares set a C$95.00 price objective on Canadian Imperial Bank of Commerce and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Scotiabank upgraded Canadian Imperial Bank of Commerce to a "strong-buy" rating in a report on Thursday, May 15th. UBS Group cut their target price on Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a report on Friday, February 14th. Royal Bank of Canada set a C$108.00 target price on Canadian Imperial Bank of Commerce and gave the stock an "outperform" rating in a report on Monday, March 17th. Finally, Canaccord Genuity Group cut their target price on Canadian Imperial Bank of Commerce from C$93.00 to C$92.00 in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$94.31.
Read Our Latest Analysis on Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce Trading Down 0.7%
The stock has a 50 day simple moving average of C$85.91 and a 200-day simple moving average of C$87.84. The firm has a market cap of C$87.10 billion, a P/E ratio of 12.30, a P/E/G ratio of 3.03 and a beta of 1.12.
Insiders Place Their Bets
In other news, Senior Officer Sandy Sharman sold 1,027 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of C$81.27, for a total value of C$83,464.29. Corporate insiders own 0.02% of the company's stock.
About Canadian Imperial Bank of Commerce
(
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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.
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