Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 1-Year High – What’s Next?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $79.67 and last traded at $78.37, with a volume of 1228883 shares trading hands. The stock had previously closed at $79.14.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a “sector outperform” rating for the company. Finally, National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Trading Down 0.4%

The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a market cap of $72.50 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.69 and a beta of 1.03. The business’s fifty day moving average is $73.52 and its two-hundred day moving average is $66.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. During the same period last year, the firm earned $1.93 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a dividend of $0.97 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Monday, September 29th. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Advisory Services LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth $34,000. Atlantic Union Bankshares Corp acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $35,000. TruNorth Capital Management LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 156.0% during the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after purchasing an additional 312 shares during the last quarter. HM Payson & Co. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $29,000. Finally, Truvestments Capital LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $32,000. 49.88% of the stock is owned by institutional investors.

About Canadian Imperial Bank of Commerce

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.