Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 12-Month High – Still a Buy?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) hit a new 52-week high during trading on Thursday . The stock traded as high as $122.52 and last traded at $121.7990, with a volume of 123023 shares trading hands. The stock had previously closed at $120.90.

Wall Street Analyst Weigh In

CM has been the subject of a number of analyst reports. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, July 31st. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday. Finally, Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

The firm’s 50 day moving average price is $115.78 and its 200-day moving average price is $107.04. The firm has a market cap of $111.57 billion, a price-to-earnings ratio of 16.79, a P/E/G ratio of 1.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating the consensus estimate of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm had revenue of $5.89 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period in the prior year, the company earned $2.05 EPS. The business’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.35 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Investors of record on Monday, June 29th were given a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 42.58%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bell Investment Advisors Inc bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $36,000. EFG International AG acquired a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $35,000. Larson Financial Group LLC lifted its position in Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the period. Global Assets Advisory LLC bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth $54,000. Finally, Parkside Financial Bank & Trust boosted its stake in Canadian Imperial Bank of Commerce by 2,758.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock worth $75,000 after buying an additional 800 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.