Canadian Imperial Bank of Commerce (TSE:CM) Shares Cross Below Fifty Day Moving Average - Here's What Happened

Key Points

• CIBC shares fell below their 50-day moving average of C$163.86, reaching C$162.00 before closing at C$163.26 on volume of approximately 3.3 million shares.
• Analysts have a consensus “Hold” rating and an average price target of C$167.79, with five Buy ratings and seven Hold ratings.
• CIBC reported quarterly EPS of C$2.73 on C$8.37 billion in revenue and announced a quarterly dividend of C$1.07 per share, representing a 2.6% yield and a 40.12% payout ratio.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM's share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$163.86 and traded as low as C$162.00. Canadian Imperial Bank of Commerce shares last traded at C$163.26, with a volume of 3,308,213 shares changing hands.

Analyst Upgrades and Downgrades

CM has been the subject of a number of research analyst reports. National Bank Financial set a C$180.00 price objective on Canadian Imperial Bank of Commerce and gave the stock a "sector perform" rating in a report on Monday, August 24th. Jefferies Financial Group increased their target price on Canadian Imperial Bank of Commerce from C$153.00 to C$154.00 in a research note on Thursday, September 3rd. Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from C$167.00 to C$176.00 and gave the company an "outperform" rating in a report on Friday, August 28th. TD increased their price objective on Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Canaccord Genuity Group lifted their target price on Canadian Imperial Bank of Commerce from C$168.00 to C$169.00 and gave the stock a "hold" rating in a report on Friday, August 28th. Five research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of C$167.79.

Canadian Imperial Bank of Commerce Price Performance

The business's 50-day moving average price is C$163.86 and its two-hundred day moving average price is C$154.14. The company has a market capitalization of C$148.23 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 3.03 and a beta of 1.26.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Wednesday, October 28th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 40.12%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, insider Stephen Alan Scholtz sold 6,000 shares of the business's stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of C$162.70, for a total value of C$976,200.00. Also, insider Amy Florence South sold 1,086 shares of the company's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total transaction of C$176,094.90. Corporate 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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