Canadian Imperial Bank of Commerce (NYSE:CM) Trading 5.1% Higher – Should You Buy?

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) traded up 5.1% during mid-day trading on Thursday . The company traded as high as $67.12 and last traded at $66.85. 756,813 shares changed hands during trading, a decline of 44% from the average session volume of 1,360,712 shares. The stock had previously closed at $63.62.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $97.00 price target (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market cap of $63.01 billion, a P/E ratio of 13.11, a PEG ratio of 1.67 and a beta of 1.06. The firm has a 50-day simple moving average of $62.99 and a two-hundred day simple moving average of $55.94.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a $0.6912 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.14%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.26%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV boosted its stake in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares in the last quarter. PDS Planning Inc increased its holdings in Canadian Imperial Bank of Commerce by 4.7% in the third quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock worth $305,000 after purchasing an additional 224 shares in the last quarter. MML Investors Services LLC increased its holdings in Canadian Imperial Bank of Commerce by 0.5% in the third quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock worth $2,699,000 after purchasing an additional 237 shares in the last quarter. Simplicity Wealth LLC increased its holdings in Canadian Imperial Bank of Commerce by 3.9% in the second quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after purchasing an additional 240 shares in the last quarter. Finally, Prospera Private Wealth LLC increased its holdings in Canadian Imperial Bank of Commerce by 3.2% in the third quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock worth $643,000 after purchasing an additional 330 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

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.