Canadian Imperial Bank of Commerce (TSE:CM) Hits New 12-Month High at $82.30

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares hit a new 52-week high during trading on Tuesday . The company traded as high as C$82.30 and last traded at C$81.47, with a volume of 859527 shares traded. The stock had previously closed at C$82.10.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group raised their price target on shares of Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a research report on Tuesday, August 13th. TD Securities decreased their target price on shares of Canadian Imperial Bank of Commerce from C$93.00 to C$91.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Scotiabank increased their price target on Canadian Imperial Bank of Commerce from C$77.00 to C$85.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Desjardins boosted their price objective on Canadian Imperial Bank of Commerce from C$77.00 to C$83.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “market perform” rating to a “buy” rating and raised their target price for the stock from C$75.00 to C$83.00 in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of C$79.15.

Canadian Imperial Bank of Commerce Price Performance

The stock has a market cap of C$77.48 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 3.01 and a beta of 1.12. The firm has a fifty day moving average of C$71.24 and a 200 day moving average of C$68.08.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.39%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.10%.

Insiders Place Their Bets

In related news, Director Harry Kenneth Culham sold 50,000 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of C$81.87, for a total value of C$4,093,500.00. In other news, Director Harry Kenneth Culham sold 50,000 shares of Canadian Imperial Bank of Commerce stock in a transaction on Monday, September 9th. The stock was sold at an average price of C$81.87, for a total value of C$4,093,500.00. Also, Senior Officer John Hountalas sold 20,808 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. Insiders sold a total of 76,338 shares of company stock valued at $5,907,964 over the last quarter. 0.02% of the stock is owned by insiders.

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.