Canadian Imperial Bank of Commerce (TSE:CM) Sets New 1-Year High - Still a Buy?

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$99.25 and last traded at C$99.16, with a volume of 771528 shares. The stock had previously closed at C$98.07.

Analyst Upgrades and Downgrades

Several research firms have commented on CM. Scotiabank raised shares of Canadian Imperial Bank of Commerce to a "strong-buy" rating in a report on Thursday, May 15th. Royal Bank Of Canada decreased their price target on 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. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Thursday, May 29th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and decreased their price objective for the stock from C$100.00 to C$89.00 in a research report on Monday, April 21st. Finally, Canaccord Genuity Group set a C$96.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and an average price target of C$96.23.

Canadian Imperial Bank of Commerce Stock Performance

The firm has a market capitalization of C$93.59 billion, a PE ratio of 13.21, a PEG ratio of 3.03 and a beta of 1.12. The company has a fifty day moving average price of C$93.94 and a 200-day moving average price of C$88.60.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, June 27th. This represents a $3.88 dividend on an annualized basis and a yield of 3.88%. Canadian Imperial Bank of Commerce's payout ratio is 47.55%.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, Senior Officer John Hountalas sold 32,018 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was 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 3,151 shares of the firm's stock in a transaction dated Thursday, June 19th. The stock was sold at an average price of C$94.61, for a total value of C$298,126.51. In the last ninety days, insiders have sold 105,837 shares of company stock worth $9,903,590. 0.02% of the stock is currently 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.