Jefferies Financial Group Forecasts Strong Price Appreciation for Canadian Imperial Bank of Commerce (TSE:CM) Stock

Key Points

• Jefferies Financial Group raised its price target for Canadian Imperial Bank of Commerce's stock from C$94.00 to C$102.00, indicating a potential upside of 0.91% from its current price.
• Analysts are mixed on the stock, with one sell rating, three holds, seven buys, and one strong buy, leading to a consensus rating of "Moderate Buy".
• Insider selling activity has been reported, with Senior Officers selling over C$9.9 million worth of shares in recent months.

Canadian Imperial Bank of Commerce (TSE:CM - Free Report) NYSE: CM had its price target boosted by Jefferies Financial Group from C$94.00 to C$102.00 in a research report sent to investors on Wednesday,BayStreet.CA reports.

CM has been the subject of several other research reports. Canaccord Genuity Group set a C$96.00 price objective on Canadian Imperial Bank of Commerce and gave the stock a "hold" rating in a research report on Tuesday, June 24th. National Bankshares set a C$95.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce to a "strong-buy" rating in a research report on Thursday, May 15th. Royal Bank Of Canada decreased their price target on 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. Finally, Barclays raised their price objective on Canadian Imperial Bank of Commerce from C$90.00 to C$94.00 and gave the company an "underperform" rating in a research note on Monday, June 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$99.46.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded down C$0.09 during trading hours on Wednesday, reaching C$101.90. 969,923 shares of the company's stock were exchanged, compared to its average volume of 3,613,000. The company's 50 day moving average is C$98.24 and its two-hundred day moving average is C$90.29. The company has a market cap of C$95.33 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 1 year low of C$71.99 and a 1 year high of C$102.45.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Monday, July 28th were given a $0.97 dividend. 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 dividend payout ratio is currently 47.55%.

Insider Buying and Selling

In related news, Senior Officer Christina Charlotte Kramer sold 43,490 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of C$93.07, for a total transaction of C$4,047,614.30. Also, Senior Officer Shawn Beber sold 3,151 shares of the business's stock in a transaction dated Thursday, June 19th. The shares were sold at an average price of C$94.61, for a total transaction of C$298,126.51. Insiders sold 105,837 shares of company stock worth $9,903,590 in the last ninety days. 0.02% of the stock is currently owned by 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.