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

Key Points

• CM shares climbed above their 50-day moving average, reaching $115.91 and last trading at $115.4870, compared with a 50-day average of $114.07.
• CIBC beat quarterly expectations, reporting $1.96 EPS versus the $1.80 consensus and revenue of $5.97 billion versus $5.74 billion expected. Analysts maintain a “Moderate Buy” consensus with an average price target of $160.
• The bank declared a quarterly dividend of C$1.07 per share, equivalent to C$4.28 annually and a 3.7% yield; institutional investors own nearly 50% of the stock.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM's share price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $114.07 and traded as high as $115.91. Canadian Imperial Bank of Commerce shares last traded at $115.4870, with a volume of 659,317 shares changing hands.

Analyst Ratings Changes

CM has been the topic of a number of research reports. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Royal Bank Of Canada reiterated an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Keefe, Bruyette & Woods initiated coverage on Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They issued a "market perform" rating on the stock. Finally, TD Securities restated a "buy" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $160.00.

Canadian Imperial Bank of Commerce Stock Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $104.85 billion, a price-to-earnings ratio of 15.42, a P/E/G ratio of 1.12 and a beta of 1.02. The firm has a fifty day simple moving average of $114.07 and a two-hundred day simple moving average of $107.95.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.80 by $0.16. The business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. On average, analysts expect that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be given a dividend of C$1.07 per share. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, September 28th. Canadian Imperial Bank of Commerce's payout ratio is currently 41.26%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CM. Cibc World Market Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $1,342,850,000. Bank of Nova Scotia purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth $1,297,567,000. TD Waterhouse Canada Inc. raised its stake in Canadian Imperial Bank of Commerce by 4.1% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,475,369 shares of the bank's stock worth $985,227,000 after acquiring an additional 337,620 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $916,774,000. Institutional investors and hedge funds own 49.88% of the company's stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and governments through its Canadian and U.S. operations.

CIBC's main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.

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