Canadian Imperial Bank of Commerce (TSE:CM) Given New C$96.00 Price Target at UBS Group

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its target price cut by equities researchers at UBS Group from C$102.00 to C$96.00 in a report issued on Friday,BayStreet.CA reports. UBS Group’s price target suggests a potential upside of 8.81% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from C$97.00 to C$103.00 in a research note on Wednesday, January 8th. Cormark upped their target price on shares of Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a report on Friday, December 6th. Canaccord Genuity Group increased their price target on shares of Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a report on Friday, December 6th. BMO Capital Markets upped their price objective on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research note on Monday, November 18th. Finally, National Bankshares upped their price objective on shares of Canadian Imperial Bank of Commerce from C$86.00 to C$94.00 in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$94.58.

Canadian Imperial Bank of Commerce Stock Performance

CM traded up C$0.18 during midday trading on Friday, reaching C$88.23. The company had a trading volume of 443,570 shares, compared to its average volume of 3,390,074. The stock has a market cap of C$82.54 billion, a PE ratio of 11.65, a P/E/G ratio of 3.03 and a beta of 1.12. Canadian Imperial Bank of Commerce has a 12-month low of C$60.95 and a 12-month high of C$95.50. The business has a 50-day moving average price of C$91.14 and a two-hundred day moving average price of C$84.54.

Insider Buying and Selling

In other news, Senior Officer Robert Sedran sold 20,652 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of C$94.97, for a total value of C$1,961,227.51. Also, Senior Officer Frank Guse sold 5,360 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of C$93.28, for a total transaction of C$499,985.62. Following the completion of the sale, the insider now owns 440 shares of the company’s stock, valued at C$41,043.60. This represents a 92.41 % decrease in their ownership of the stock. Insiders sold a total of 177,012 shares of company stock worth $16,687,218 in the last three months. 0.02% of the stock is owned by corporate insiders.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is Canada’s fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.