Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 52-Week High at $52.07

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) hit a new 52-week high on Thursday . The stock traded as high as $52.07 and last traded at $52.05, with a volume of 161130 shares traded. The stock had previously closed at $51.46.

Analysts Set New Price Targets

Several analysts recently weighed in on CM shares. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and an average price target of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average is $49.27 and its 200 day moving average is $48.51. The company has a market cap of $48.58 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.22 by $0.07. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Friday, June 28th were given a dividend of $0.653 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a yield of 5.07%. Canadian Imperial Bank of Commerce’s payout ratio is presently 54.12%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently added to or reduced their stakes in CM. Norges Bank acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $404,008,000. Toronto Dominion Bank grew its position in Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after acquiring an additional 3,942,894 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Canadian Imperial Bank of Commerce by 26.8% in the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after purchasing an additional 3,875,280 shares during the period. Cibc World Market Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after purchasing an additional 3,143,734 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Canadian Imperial Bank of Commerce by 94.4% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock worth $292,949,000 after buying an additional 2,952,277 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.