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

Key Points

• CIBC shares fell below their 50-day moving average, trading as low as C$156.70 versus the C$162.14 average, and last changing hands at C$157.25.
• Analyst sentiment remains mixed but leans toward “Hold”: five analysts rate the stock a Buy and seven a Hold, with a consensus price target of C$167.79.
• CIBC reported C$2.73 in quarterly EPS on C$8.37 billion in revenue and declared a quarterly dividend of $1.07 per share, representing a 2.7% annualized yield.

Shares of Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM crossed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of C$162.14 and traded as low as C$156.70. Canadian Imperial Bank of Commerce shares last traded at C$157.25, with a volume of 2,845,198 shares changing hands.

Analyst Ratings Changes

CM has been the subject of several recent research reports. Canaccord Genuity Group boosted their price objective on Canadian Imperial Bank of Commerce from C$168.00 to C$169.00 and gave the company a "hold" rating in a research report on Friday, August 28th. Barclays lifted their target price on shares of Canadian Imperial Bank of Commerce from C$144.00 to C$170.00 in a research note on Friday, August 21st. TD upped their price target on shares of Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Keefe, Bruyette & Woods set a C$186.00 price target on shares of Canadian Imperial Bank of Commerce and gave the company a "hold" rating in a research report on Friday, August 21st. Finally, Scotiabank boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 16th. Five analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of C$167.79.

Canadian Imperial Bank of Commerce Price Performance

The firm has a market cap of C$142.77 billion, a PE ratio of 15.09, a price-to-earnings-growth ratio of 3.03 and a beta of 1.32. The firm has a 50-day simple moving average of C$162.14 and a 200 day simple moving average of C$155.83.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last announced its earnings results on Thursday, August 27th. The company reported C$2.73 EPS for the quarter. The firm had revenue of C$8.37 billion for the quarter. Canadian Imperial Bank of Commerce had a net margin of 16.13% and a return on equity of 15.44%. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Wednesday, October 28th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 2.7%. Canadian Imperial Bank of Commerce's payout ratio is presently 40.12%.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, insider Amy Florence South sold 4,218 shares of the company's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of C$161.41, for a total value of C$680,827.38. Company insiders own 0.02% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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