Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 52-Week High Following Analyst Upgrade

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares reached a new 52-week high 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. The stock had previously closed at C$132.41.

Other equities research analysts have also issued reports about the stock. TD Securities lifted their price target on shares of Canadian Imperial Bank of Commerce from C$134.00 to C$142.00 in a report on Monday, February 9th. Jefferies Financial Group raised their target price on shares of Canadian Imperial Bank of Commerce from C$123.00 to C$127.00 in a research report on Wednesday, February 11th. Canaccord Genuity Group upped their price target on shares of Canadian Imperial Bank of Commerce from C$129.00 to C$136.00 and gave the stock a “hold” rating in a report on Thursday, February 12th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from C$130.00 to C$135.00 in a research note on Wednesday, December 17th. Finally, Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from C$131.00 to C$134.00 and gave the stock an “outperform” rating in a research report on Monday, January 5th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$135.40.

Insider Activity at Canadian Imperial Bank of Commerce

In related news, insider Frank Guse sold 5,000 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were 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 of the company’s stock, valued at C$172,810.44. The trade was a 78.63% decrease in their ownership of the stock. Company insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

The firm 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. The firm’s fifty day moving average is C$128.18 and its 200-day moving average is C$118.16.

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 for the quarter. The firm had revenue of C$7.58 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 12.61% and a net margin of 27.87%. As a group, equities 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 paid a $1.07 dividend. 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. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is presently 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.