Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High - Time to Buy?

Key Points

• Canadian Imperial Bank of Commerce shares hit a new 52-week high, trading as high as C$170.18, signaling strong recent momentum in the stock.
• Analysts remain generally positive on the bank, with six Buy ratings and five Hold ratings, and a Moderate Buy consensus price target of C$153.59. Several firms recently adjusted their targets, with most changes still pointing to solid but mixed expectations.
• The bank reported quarterly EPS of C$2.54 and announced a quarterly dividend of $1.07 per share, implying an annualized yield of 2.5%. Insiders also sold shares recently, though insider ownership remains very small at 0.02%.

Shares of Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM hit a new 52-week high on Thursday . The stock traded as high as C$170.18 and last traded at C$169.54, with a volume of 717659 shares. The stock had previously closed at C$169.48.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CM. Jefferies Financial Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a research note on Wednesday, May 20th. National Bank Financial increased their price objective on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the stock a "sector perform" rating in a research note on Friday, May 15th. Royal Bank Of Canada lowered their target price on Canadian Imperial Bank of Commerce from C$158.00 to C$147.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 25th. TD decreased their price objective on Canadian Imperial Bank of Commerce from C$166.00 to C$163.00 and set a "buy" rating on the stock in a research note on Friday, May 29th. Finally, Scotiabank lifted their price objective on Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 16th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus price target of C$153.59.

Canadian Imperial Bank of Commerce Trading Down 0.2%

The firm has a market cap of C$154.35 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 3.03 and a beta of 1.39. The stock has a 50 day simple moving average of C$157.89 and a 200-day simple moving average of C$142.67.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last announced its quarterly earnings data on Thursday, May 28th. The company reported C$2.54 EPS for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%.The business had revenue of C$8.01 billion for the quarter. On average, equities research analysts expect that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 40.48%.

Insider Activity

In other news, insider Stephen Alan Scholtz sold 6,000 shares of the business's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of C$162.70, for a total value of C$976,200.00. Also, insider Amy Florence South sold 1,086 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of C$162.15, for a total transaction of C$176,094.90. Insiders have sold a total of 17,776 shares of company stock worth $2,817,744 over the last quarter. Insiders own 0.02% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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