Canadian Imperial Bank of Commerce (TSE:CM) Sets New 1-Year High - Here's Why

Shares of Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$100.58 and last traded at C$100.30, with a volume of 1218745 shares. The stock had previously closed at C$99.39.

Analyst Ratings Changes

A number of research firms have weighed in on CM. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Thursday, May 29th. Canaccord Genuity Group set a C$96.00 price target on shares of Canadian Imperial Bank of Commerce and gave the company a "hold" rating in a research report on Tuesday, June 24th. 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. Royal Bank Of Canada reduced their price target on shares of Canadian Imperial Bank of Commerce from C$116.00 to C$112.00 and set an "outperform" rating on the stock in a research report on Monday, June 9th. Finally, Barclays lifted their price target on shares of Canadian Imperial Bank of Commerce from C$90.00 to C$94.00 and gave the company an "underperform" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus price target of C$96.23.

Canadian Imperial Bank of Commerce Stock Up 1.0%

The stock has a fifty day moving average of C$94.60 and a 200-day moving average of C$88.78. The stock has a market cap of C$93.87 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Monday, July 28th will be issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 47.55%.

Insiders Place Their Bets

In other news, Senior Officer John Hountalas sold 32,018 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of C$93.87, for a total transaction of C$3,005,657.73. Also, Senior Officer Hratch Dikran Panossian sold 9,006 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of C$94.96, for a total transaction of C$855,240.38. Insiders sold a total of 105,837 shares of company stock worth $9,903,590 over the last quarter. 0.02% of the stock is owned by company insiders.

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.

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