Canadian Imperial Bank of Commerce (TSE:CM) Sets New 12-Month High - What's Next?

Key Points

• Canadian Imperial Bank of Commerce (TSE:CM) reached a new 52-week high of C$110.09 during trading, indicating strong investor interest with 686,843 shares traded.
• Analysts have varying outlooks on the stock, with target prices ranging from C$96.00 to C$113.00; the consensus rating remains a "Hold" with a target price of C$108.25.
• The bank declared a quarterly dividend of $0.97, offering an annual yield of 3.5% with a payout ratio of 46.07% as of the last reported quarter.

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$110.09 and last traded at C$109.99, with a volume of 686843 shares traded. The stock had previously closed at C$109.28.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CM shares. Barclays raised their target price on shares of Canadian Imperial Bank of Commerce from C$96.00 to C$106.00 and gave the company an "underweight" rating in a report on Friday, August 29th. National Bankshares upped their price target on shares of Canadian Imperial Bank of Commerce from C$99.00 to C$110.00 and gave the stock a "sector perform" rating in a research report on Friday, August 29th. Canaccord Genuity Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$102.00 to C$111.00 and gave the company a "hold" rating in a report on Friday, August 29th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from C$112.00 to C$113.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Finally, Jefferies Financial Group boosted their target price on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a research report on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Hold" and a consensus target price of C$108.25.

Canadian Imperial Bank of Commerce Stock Up 0.7%

The stock has a market cap of C$102.28 billion, a P/E ratio of 13.30, a PEG ratio of 3.03 and a beta of 1.33. The business has a 50 day moving average price of C$101.74 and a 200 day moving average price of C$92.27.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Monday, July 28th were issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 46.07%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, Senior Officer Shawn Beber sold 3,151 shares of the company's stock in a transaction dated Thursday, June 19th. The shares were sold at an average price of C$94.61, for a total transaction of C$298,126.51. Also, Senior Officer Hratch Dikran Panossian sold 9,006 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of C$94.96, for a total transaction of C$855,240.38. Insiders have sold 21,222 shares of company stock valued at $1,991,750 over the last quarter. Insiders own 0.02% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.