Canadian Imperial Bank of Commerce (NYSE:CM) Hits New 12-Month High – Still a Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $63.75 and last traded at $63.36, with a volume of 71589 shares trading hands. The stock had previously closed at $62.95.

Analysts Set New Price Targets

Several brokerages have recently commented on CM. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.9 %

The business’s fifty day moving average is $61.09 and its 200-day moving average is $53.52. The stock has a market capitalization of $60.23 billion, a PE ratio of 12.53, a P/E/G ratio of 1.82 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.14 EPS. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 52.46%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently made changes to their positions in the company. Plato Investment Management Ltd acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $3,248,000. Cumberland Partners Ltd boosted its holdings in shares of Canadian Imperial Bank of Commerce by 152.5% in the third quarter. Cumberland Partners Ltd now owns 33,102 shares of the bank’s stock worth $2,033,000 after buying an additional 19,994 shares during the period. Aigen Investment Management LP lifted its position in shares of Canadian Imperial Bank of Commerce by 23.8% in the 3rd quarter. Aigen Investment Management LP now owns 19,514 shares of the bank’s stock valued at $1,197,000 after acquiring an additional 3,750 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter worth $1,122,000. Finally, Tacita Capital Inc grew its stake in Canadian Imperial Bank of Commerce by 6.2% during the 3rd quarter. Tacita Capital Inc now owns 8,828 shares of the bank’s stock valued at $542,000 after acquiring an additional 518 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

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.