Raymond James Financial Increases Canadian Imperial Bank of Commerce (TSE:CM) Price Target to C$173.50

Key Points

• Raymond James raised CIBC’s price target to C$173.50 from C$155.50 while maintaining a “market perform” rating, implying approximately 2.96% upside from the prior close.
• Analyst sentiment remains cautious: CIBC has an average “Hold” rating and a consensus price target of C$157.50, despite five Buy ratings versus six Hold ratings.
• CIBC shares rose 1.7% to C$168.51, near the 12-month high of C$171.64. Insiders sold 17,776 shares worth approximately C$2.82 million over the past 90 days.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM had its price objective boosted by Raymond James Financial from C$155.50 to C$173.50 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage currently has a "market perform" rating on the stock. Raymond James Financial's price objective points to a potential upside of 2.96% from the stock's previous close.

CM has been the topic of several other research reports. Desjardins downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating and boosted their target price for the company from C$160.00 to C$173.00 in a research report on Wednesday, August 5th. Scotiabank lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the stock a "sector perform" rating in a research note on Tuesday, June 16th. Canaccord Genuity Group increased their target price on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the company a "hold" rating in a research note on Tuesday, July 7th. National Bank Financial raised their target price on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the stock a "sector perform" rating in a report on Friday, May 15th. Finally, Jefferies Financial Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a report on Wednesday, May 20th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of "Hold" and a consensus price target of C$157.50.

Canadian Imperial Bank of Commerce Stock Up 1.7%

CM traded up C$2.87 on Wednesday, hitting C$168.51. The company had a trading volume of 576,846 shares, compared to its average volume of 2,535,970. The company has a market cap of C$153.82 billion, a PE ratio of 16.72, a PEG ratio of 3.03 and a beta of 1.40. Canadian Imperial Bank of Commerce has a 12-month low of C$100.43 and a 12-month high of C$171.64. The business's fifty day simple moving average is C$162.59 and its 200 day simple moving average is C$148.00.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last issued its quarterly earnings data on Thursday, May 28th. The company reported C$2.54 earnings per share for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%.The company had revenue of C$8.01 billion for the quarter. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Insider Transactions at Canadian Imperial Bank of Commerce

In other news, insider Amy Florence South sold 1,086 shares of the business's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of C$162.15, for a total transaction of C$176,094.90. Also, insider Christopher John Anderson sold 8,490 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total transaction of C$1,320,195.00. Following the completion of the transaction, the insider owned 6,252 shares in the company, valued at approximately C$972,186. The trade was a 57.59% decrease in their ownership of the stock. Over the last ninety days, insiders sold 17,776 shares of company stock worth $2,817,744. 0.02% of the stock is currently owned by insiders.

About Canadian Imperial Bank of Commerce

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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