Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 12-Month High After Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares hit a new 52-week high during trading on Thursday after Barclays upgraded the stock from a strong sell rating to an overweight rating. Barclays now has a C$137.00 price target on the stock, up from their previous price target of C$126.00. Canadian Imperial Bank of Commerce traded as high as C$134.24 and last traded at C$133.47, with a volume of 157412 shares changing hands. The stock had previously closed at C$132.41.

Several other equities research analysts have also commented on CM. Jefferies Financial Group boosted their price target on shares of Canadian Imperial Bank of Commerce from C$123.00 to C$127.00 in a report on Wednesday, February 11th. Scotiabank upped their price target on shares of Canadian Imperial Bank of Commerce from C$133.00 to C$138.00 in a research report on Friday, January 9th. Raymond James Financial raised their price target on shares of Canadian Imperial Bank of Commerce from C$122.00 to C$135.00 and gave the company a “market perform” rating in a research note on Tuesday. TD Securities boosted their price objective on Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a research note on Monday, February 9th. Finally, Desjardins raised their target price on Canadian Imperial Bank of Commerce from C$135.00 to C$139.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$135.40.

Insiders Place Their Bets

In other Canadian Imperial Bank of Commerce news, insider Frank Guse sold 5,000 shares of Canadian Imperial Bank of Commerce stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of C$127.16, for a total value of C$635,800.00. Following the sale, the insider owned 1,359 shares in the company, valued at C$172,810.44. The trade was a 78.63% decrease in their ownership of the stock. Insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

The company has a 50 day moving average of C$128.18 and a 200-day moving average of C$118.16. The stock has a market cap of C$126.25 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 3.03 and a beta of 1.26.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The company reported C$2.21 earnings per share (EPS) for the quarter. Canadian Imperial Bank of Commerce had a net margin of 27.87% and a return on equity of 12.61%. The company had revenue of C$7.58 billion for the quarter. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Wednesday, January 28th were given a $1.07 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 annualized dividend and a yield of 3.1%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 45.27%.

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.