Canadian Imperial Bank of Commerce (TSE:CM) Share Price Crosses Above 50 Day Moving Average - Here's Why

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's share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 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 traded.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CM shares. 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 research note on Tuesday, June 24th. National Bankshares set a C$95.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. National Bank Financial lowered shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Thursday, May 29th. Royal Bank Of Canada decreased their price target on shares of Canadian Imperial Bank of Commerce from C$116.00 to C$112.00 and set an "outperform" rating for the company in a research note on Monday, June 9th. Finally, Scotiabank upgraded shares of Canadian Imperial Bank of Commerce to a "strong-buy" rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus target price of C$96.23.

Canadian Imperial Bank of Commerce Trading Up 1.0%

The firm has a market capitalization of C$93.51 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. The business's 50 day simple moving average is C$97.30 and its two-hundred day simple moving average is C$89.91.

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 dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is presently 47.55%.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, Senior Officer John Hountalas sold 32,018 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of C$93.87, for a total transaction of C$3,005,657.73. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of C$93.07, for a total transaction of C$4,047,614.30. In the last 90 days, insiders sold 105,837 shares of company stock worth $9,903,590. 0.02% of the stock is owned by insiders.

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.