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

Key Points

• The stock price of the Canadian Imperial Bank of Commerce (TSE:CM) surpassed its 50-day moving average of C$102.91, reaching a high of C$111.10 during trading on Wednesday.
• Analysts have recently set new price targets for the stock, with Desjardins raising their target to C$113.00 and Canaccord Genuity increasing theirs to C$111.00, indicating a generally positive outlook.
• The bank announced a quarterly dividend of $0.97, implying an annual dividend of $3.88 and a yield of 3.5%, with a current payout ratio of 46.07%.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM's share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of C$102.91 and traded as high as C$111.10. Canadian Imperial Bank of Commerce shares last traded at C$110.50, with a volume of 2,457,574 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CM shares. Jefferies Financial Group increased their price objective on shares of Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a research report on Wednesday, August 13th. Barclays increased their price target on 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. Scotiabank increased their price target on Canadian Imperial Bank of Commerce from C$101.00 to C$116.00 and gave the company an "outperform" rating in a report on Friday, August 29th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from C$107.00 to C$112.00 in a report on Friday, August 29th. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a report on Thursday, May 29th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of C$108.25.

Canadian Imperial Bank of Commerce Trading Up 0.4%

The company has a 50-day simple moving average of C$103.12 and a 200 day simple moving average of C$93.24. The company has a market cap of C$103.14 billion, a P/E ratio of 13.42, a P/E/G ratio of 3.03 and a beta of 1.33.

Canadian Imperial Bank of Commerce Announces Dividend

The business 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. The ex-dividend date was Friday, June 27th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.5%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 46.07%.

Insider Activity at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Senior Officer Hratch Dikran Panossian sold 9,006 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of C$94.96, for a total value of C$855,240.38. Insiders own 0.02% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

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.