Canadian Imperial Bank of Commerce (TSE:CM) Reaches New 12-Month High on Analyst Upgrade

Shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) reached a new 52-week high on Wednesday after TD raised their price target on the stock from C$153.00 to C$166.00. TD currently has a buy rating on the stock. Canadian Imperial Bank of Commerce traded as high as C$154.25 and last traded at C$153.48, with a volume of 1067855 shares trading hands. The stock had previously closed at C$149.95.

A number of other equities research analysts also recently weighed in on the company. Canaccord Genuity Group raised their price objective on Canadian Imperial Bank of Commerce from C$136.00 to C$145.00 and gave the company a “hold” rating in a research report on Friday, February 27th. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from C$135.00 to C$150.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Desjardins increased their price target on Canadian Imperial Bank of Commerce from C$152.00 to C$160.00 and gave the company a “buy” rating in a research note on Tuesday. Scotiabank increased their price target on Canadian Imperial Bank of Commerce from C$153.00 to C$159.00 and gave the company a “sector outperform” rating in a research note on Monday. Finally, National Bank Financial increased their price target on Canadian Imperial Bank of Commerce from C$131.00 to C$150.00 and gave the company a “sector perform” rating in a research note on Friday, February 27th. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$149.68.

Canadian Imperial Bank of Commerce Price Performance

The business has a fifty day moving average price of C$138.95 and a two-hundred day moving average price of C$129.35. The firm has a market capitalization of C$141.21 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 3.03 and a beta of 1.30.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its quarterly earnings data on Thursday, February 26th. The company reported C$2.76 earnings per share for the quarter. The business had revenue of C$8.40 billion for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 14.76% and a net margin of 17.63%. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Tuesday, April 28th were issued a $1.07 dividend. The ex-dividend date of this dividend was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 2.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 41.50%.

About Canadian Imperial Bank of Commerce

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.