Canaccord Genuity Group Forecasts Strong Price Appreciation for Canadian Imperial Bank of Commerce (TSE:CM) Stock

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its target price upped by equities researchers at Canaccord Genuity Group from C$160.00 to C$168.00 in a research report issued on Tuesday,BayStreet.CA reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 1.84% from the stock’s previous close.

A number of other brokerages have also commented on CM. TD dropped their price target on Canadian Imperial Bank of Commerce from C$166.00 to C$163.00 and set a “buy” rating for the company in a research note on Friday, May 29th. Desjardins upped their price objective on shares of Canadian Imperial Bank of Commerce from C$152.00 to C$160.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Raymond James Financial dropped their target price on shares of Canadian Imperial Bank of Commerce from C$157.50 to C$155.50 and set a “market perform” rating for the company in a research report on Friday, May 29th. Scotiabank lifted their target price on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 16th. Finally, National Bank Financial boosted their price target on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the company a “sector perform” rating in a research report on Friday, May 15th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of C$153.59.

Canadian Imperial Bank of Commerce Trading Up 0.7%

Shares of CM stock traded up C$1.20 during mid-day trading on Tuesday, reaching C$164.97. The stock had a trading volume of 764,926 shares, compared to its average volume of 2,571,612. The firm has a market capitalization of C$150.58 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 3.03 and a beta of 1.39. The stock’s 50-day moving average price is C$155.46 and its two-hundred day moving average price is C$140.52. Canadian Imperial Bank of Commerce has a 52-week low of C$97.31 and a 52-week high of C$165.00.

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

Insider Activity at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, insider Amy Florence South sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of C$160.92, for a total transaction of C$193,104.00. Also, insider Christopher John Anderson sold 8,490 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of C$155.50, for a total transaction of C$1,320,195.00. Following the transaction, the insider owned 6,252 shares of the company’s stock, valued at C$972,186. The trade was a 57.59% decrease in their ownership of the stock. Insiders sold a total of 17,776 shares of company stock valued at $2,817,744 in the last three months. Company 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.