Canadian Imperial Bank of Commerce (TSE:CM) Share Price Passes Above 50 Day Moving Average - Time to Sell?

Key Points

• Canadian Imperial Bank of Commerce (TSE:CM) has recently crossed above its 50-day moving average, indicating positive trading momentum.
• Analysts have mixed ratings for the bank, with one sell rating, four hold ratings, six buy ratings, and a consensus target price of C$99.46.
• The bank announced a quarterly dividend of $0.97, resulting in an annualized dividend of $3.88 and a yield of 3.8%.

Shares of Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$98.08 and traded as high as C$102.45. Canadian Imperial Bank of Commerce shares last traded at C$101.99, with a volume of 1,817,508 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Jefferies Financial Group raised their price objective on Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a research report on Wednesday, August 13th. Scotiabank raised Canadian Imperial Bank of Commerce to a "strong-buy" rating in a research report on Thursday, May 15th. Canaccord Genuity Group set a C$96.00 price objective on Canadian Imperial Bank of Commerce and gave the company a "hold" rating in a research report on Tuesday, June 24th. Barclays raised their price objective on Canadian Imperial Bank of Commerce from C$94.00 to C$96.00 and gave the company an "underweight" rating in a research report on Thursday, August 14th. Finally, National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Thursday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of C$99.46.

Canadian Imperial Bank of Commerce Price Performance

The company has a 50-day simple moving average of C$98.74 and a 200-day simple moving average of C$90.54. The firm has a market cap of C$95.05 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Monday, July 28th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, June 27th. Canadian Imperial Bank of Commerce's payout ratio is 47.55%.

Insiders Place Their Bets

In related news, Senior Officer Shawn Beber sold 9,107 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of C$94.28, for a total value of C$858,567.89. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of C$93.07, for a total value of C$4,047,614.30. Insiders have sold 105,837 shares of company stock worth $9,903,590 over the last three months. 0.02% of the stock is currently owned by corporate 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.