Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 12-Month High – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s share price reached a new 52-week high during trading on Monday . The company traded as high as C$95.80 and last traded at C$95.52, with a volume of 1108836 shares. The stock had previously closed at C$94.69.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CM shares. Canaccord Genuity Group lowered their price objective on shares of Canadian Imperial Bank of Commerce from C$93.00 to C$92.00 in a research note on Monday, May 12th. National Bankshares set a C$95.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock an “outperform” rating in a research report on Thursday, May 22nd. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and dropped their price objective for the stock from C$100.00 to C$89.00 in a report on Monday, April 21st. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce to a “strong-buy” rating in a research note on Thursday, May 15th. Finally, TD Securities lowered their price objective on Canadian Imperial Bank of Commerce from C$100.00 to C$99.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of C$95.92.

Canadian Imperial Bank of Commerce Trading Up 1.1%

The company has a 50 day moving average price of C$89.81 and a 200 day moving average price of C$88.14. The company has a market capitalization of C$89.56 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 3.03 and a beta of 1.12.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Monday, July 28th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Friday, June 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.55%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In other Canadian Imperial Bank of Commerce news, Senior Officer Shawn Beber sold 3,151 shares of the company’s stock in a transaction that occurred on Thursday, June 19th. The shares were sold at an average price of C$94.61, for a total value of C$298,126.51. Also, Senior Officer John Hountalas sold 32,018 shares of Canadian Imperial Bank of Commerce stock in a transaction on Thursday, June 5th. The stock was sold at an average price of C$93.87, for a total transaction of C$3,005,657.73. Over the last ninety days, insiders have sold 96,831 shares of company stock valued at $9,048,349. 0.02% of the stock is currently owned by insiders.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.