Canadian Imperial Bank of Commerce (TSE:CM) Stock Crosses Above Fifty Day Moving Average - Here's Why

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM shares crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$93.94 and traded as high as C$100.18. Canadian Imperial Bank of Commerce shares last traded at C$100.04, with a volume of 2,864,186 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CM. 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 note on Tuesday, June 24th. Royal Bank Of Canada lowered their price objective 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 note on Monday, June 9th. Barclays increased their price objective on shares of Canadian Imperial Bank of Commerce from C$90.00 to C$94.00 and gave the stock an "underperform" rating in a research note on Monday, June 9th. National Bankshares set a C$95.00 price objective on shares of Canadian Imperial Bank of Commerce and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Finally, National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus target price of C$96.23.

Canadian Imperial Bank of Commerce Stock Down 0.3%

The business's fifty day moving average is C$93.94 and its two-hundred day moving average is C$88.63. The stock has a market capitalization of C$93.59 billion, a PE ratio of 13.21, 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 announced a quarterly dividend, which will be paid on Monday, July 28th. Investors 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 dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.55%.

Insider Buying and Selling

In related news, Senior Officer Hratch Dikran Panossian sold 9,006 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of C$94.96, for a total value of C$855,240.38. Also, Senior Officer John Hountalas sold 32,018 shares of the firm's stock in a transaction on 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. Insiders have sold 105,837 shares of company stock valued at $9,903,590 in the last three months. Corporate 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.

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