Canadian Imperial Bank of Commerce (TSE:CM) Shares Cross Above 50 Day Moving Average – Here’s What Happened

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of C$159.85 and traded as high as C$161.23. Canadian Imperial Bank of Commerce shares last traded at C$161.00, with a volume of 2,197,878 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CM. TD lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Jefferies Financial Group boosted their target price on shares of Canadian Imperial Bank of Commerce from C$153.00 to C$154.00 in a report on Thursday, September 3rd. Raymond James Financial increased their target price on Canadian Imperial Bank of Commerce from C$155.50 to C$173.50 and gave the stock a “market perform” rating in a research report on Wednesday, August 12th. Desjardins cut their price target on Canadian Imperial Bank of Commerce from C$173.00 to C$170.00 and set a “hold” rating for the company in a report on Friday, August 28th. Finally, Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from C$167.00 to C$176.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of C$167.79.

Canadian Imperial Bank of Commerce Trading Down 0.9%

The company’s fifty day simple moving average is C$159.61 and its 200 day simple moving average is C$158.21. The stock has a market capitalization of C$144.90 billion, a P/E ratio of 15.32, a P/E/G ratio of 3.03 and a beta of 1.32.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings data on Thursday, August 27th. The company reported C$2.73 earnings per share (EPS) for the quarter. The company had revenue of C$8.37 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.44% and a net margin of 16.13%. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 6.41 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Wednesday, October 28th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, September 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 40.12%.

Insider Activity

In other news, insider Amy Florence South sold 4,218 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of C$161.41, for a total transaction of C$680,827.38. Company insiders own 0.02% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.