Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 1-Year High at $61.90

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $61.90 and last traded at $61.72, with a volume of 84618 shares traded. The stock had previously closed at $61.45.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CM shares. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The stock’s 50-day moving average is $53.11 and its two-hundred day moving average is $50.27. The stock has a market cap of $57.72 billion, a PE ratio of 12.64, a PEG ratio of 1.85 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.14 EPS. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.26%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently bought and sold shares of the stock. Gulf International Bank UK Ltd grew its position in shares of Canadian Imperial Bank of Commerce by 3.8% during the first quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after buying an additional 236 shares in the last quarter. Simplicity Wealth LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after purchasing an additional 240 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Canadian Imperial Bank of Commerce by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after purchasing an additional 300 shares in the last quarter. Bleakley Financial Group LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock worth $315,000 after purchasing an additional 314 shares during the last quarter. Finally, Lantz Financial LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 7.1% during the second quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock worth $277,000 after purchasing an additional 385 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.