Canadian Imperial Bank of Commerce (TSE:CM) Hits New 1-Year High at $70.99

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM)’s stock price reached a new 52-week high on Monday . The company traded as high as C$70.99 and last traded at C$70.56, with a volume of 72540 shares trading hands. The stock had previously closed at C$70.82.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CM. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Monday, June 3rd. Royal Bank of Canada boosted their price target on shares of Canadian Imperial Bank of Commerce from C$68.00 to C$69.00 and gave the company a “sector perform” rating in a report on Friday, May 31st. National Bankshares raised their price objective on shares of Canadian Imperial Bank of Commerce from C$76.00 to C$78.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Scotiabank lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$73.00 to C$77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Finally, BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from C$74.00 to C$77.00 in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$69.64.

Canadian Imperial Bank of Commerce Price Performance

The stock’s 50 day moving average price is C$66.93 and its two-hundred day moving average price is C$65.48. The firm has a market capitalization of C$65.97 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 3.01 and a beta of 1.11.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its earnings results on Thursday, May 30th. The company reported C$1.75 EPS for the quarter, topping the consensus estimate of C$1.66 by C$0.09. Canadian Imperial Bank of Commerce had a net margin of 29.50% and a return on equity of 12.14%. The firm had revenue of C$6.16 billion for the quarter, compared to the consensus estimate of C$6.11 billion. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 6.7699387 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 55.21%.

Insiders Place Their Bets

In related news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. In related news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. Also, Senior Officer John Hountalas sold 20,808 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. Company insiders own 0.03% 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.