Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 12-Month High at $61.90

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

Wall Street Analysts Forecast Growth

CM has been the subject of several recent analyst reports. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

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

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the prior year, the firm earned $1.14 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. Analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CM. Vanguard Group Inc. raised its holdings in Canadian Imperial Bank of Commerce by 1.9% during the first quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after purchasing an additional 675,786 shares in the last quarter. Toronto Dominion Bank increased its position in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. Bank of Nova Scotia boosted its stake in shares of Canadian Imperial Bank of Commerce by 8.1% in the fourth quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock valued at $1,199,627,000 after buying an additional 1,872,709 shares in the last quarter. TD Asset Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 13.8% during the fourth quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after acquiring an additional 2,730,076 shares during the period. Finally, Cibc World Market Inc. raised its position in Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after acquiring an additional 3,143,734 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.