Canadian Imperial Bank of Commerce (TSE:CM) Share Price Passes Above Fifty Day Moving Average - Should You Sell?

Key Points

• Canadian Imperial Bank of Commerce's stock price recently exceeded its 50-day moving average, trading as high as C$100.17.
• Notable analyst activities include Jefferies Financial Group downgrading the stock from "buy" to "hold," while Scotiabank upgraded it to a "strong-buy" rating.
• Insider transactions revealed that senior officers sold a total of C$9.9 million worth of shares in recent months, raising concerns about insider confidence.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$96.85 and traded as high as C$100.17. Canadian Imperial Bank of Commerce shares last traded at C$99.77, with a volume of 1,449,957 shares trading hands.

Analyst Ratings Changes

CM has been the topic of a number of recent analyst reports. Canaccord Genuity Group set a C$96.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a report on Tuesday, June 24th. Barclays increased their target price 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. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and dropped their target price for the company from C$100.00 to C$89.00 in a research report on Monday, April 21st. National Bankshares set a C$95.00 price target on Canadian Imperial Bank of Commerce and gave the stock an "outperform" rating in a report on Thursday, May 22nd. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Thursday, May 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of C$96.23.

Canadian Imperial Bank of Commerce Stock Performance

The company has a market capitalization of C$92.62 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The company has a 50 day simple moving average of C$97.16 and a 200 day simple moving average of C$89.86.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Shareholders 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 yield of 3.9%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.55%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other news, Senior Officer Hratch Dikran Panossian sold 9,006 shares of the 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. 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 transaction of C$298,126.51. In the last 90 days, insiders sold 105,837 shares of company stock worth $9,903,590. Company 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.