Canadian Imperial Bank of Commerce (NYSE:CM) Sets New 52-Week High – Still a Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $120.82 and last traded at $120.7690, with a volume of 1948542 shares traded. The stock had previously closed at $118.57.

Analyst Ratings Changes

Several analysts have commented on the stock. Zacks Research cut shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 28th. Finally, Scotiabank reiterated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Trading Up 0.4%

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average is $113.41 and its 200-day moving average is $103.55. The stock has a market capitalization of $110.69 billion, a PE ratio of 16.66, a P/E/G ratio of 1.30 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same quarter last year, the business earned $2.05 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently added to or reduced their stakes in CM. Larson Financial Group LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% in the 3rd 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. EFG International AG purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $35,000. Lodestone Wealth Management LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $37,000. Global Assets Advisory LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $54,000. Finally, Aventura Private Wealth LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $69,000. 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 (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.