Canadian Imperial Bank of Commerce (TSE:CM) Hits New 12-Month Low at $99.13

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) shares reached a new 52-week low on Tuesday . The company traded as low as C$99.13 and last traded at C$99.35, with a volume of 872278 shares. The stock had previously closed at C$101.81.

A number of equities research analysts have weighed in on the company. Desjardins downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and cut their target price for the stock from C$125.00 to C$118.00 in a research report on Thursday, May 23rd. Canaccord Genuity upped their target price on Canadian Imperial Bank of Commerce from C$115.00 to C$121.00 in a research report on Wednesday, May 15th. CSFB set a C$116.00 target price on Canadian Imperial Bank of Commerce and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Barclays downgraded Canadian Imperial Bank of Commerce from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from C$120.00 to C$113.00 in a research report on Tuesday, June 11th. Finally, TD Securities downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and cut their target price for the stock from C$135.00 to C$120.00 in a research report on Thursday, May 23rd. Six equities research analysts have rated the stock with a hold rating, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and an average target price of C$119.33.

The company has a market capitalization of $45.28 billion and a P/E ratio of 8.68. The firm’s fifty day simple moving average is C$103.43.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last posted its quarterly earnings results on Wednesday, May 22nd. The company reported C$2.97 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of C$2.99 by C($0.02). The business had revenue of C$4.54 billion during the quarter, compared to the consensus estimate of C$4.54 billion. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 12.61 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Friday, June 28th were issued a $1.40 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $5.60 annualized dividend and a dividend yield of 5.68%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 47.98%.

In other Canadian Imperial Bank of Commerce news, Director Nicholas D’orr Le Pan sold 500 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of C$103.47, for a total transaction of C$51,735.00. Following the sale, the director now directly owns 3,019 shares of the company’s stock, valued at approximately C$312,375.93.

Canadian Imperial Bank of Commerce Company Profile (TSE:CM)

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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