Canadian Imperial Bank of Commerce (NYSE:CM) Reaches New 52-Week High – Time to Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $120.82 and last traded at $120.7690, with a volume of 1948542 shares changing hands. The stock had previously closed at $118.57.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Jefferies Financial Group reiterated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Trading Up 1.9%

The business’s 50 day simple moving average is $112.98 and its 200 day simple moving average is $103.24. The stock has a market cap of $110.24 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 1.28 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 EPS. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is 42.58%.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently bought and sold shares of the business. Sequoia Financial Advisors LLC raised its stake in Canadian Imperial Bank of Commerce by 1.2% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank’s stock worth $880,000 after purchasing an additional 114 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.5% during the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock worth $272,000 after purchasing an additional 116 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.1% during the fourth quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank’s stock worth $347,000 after purchasing an additional 116 shares during the period. McIlrath & Eck LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 7.1% during the fourth quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank’s stock worth $175,000 after purchasing an additional 128 shares during the period. Finally, Bridgewater Advisors Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 4.2% in the fourth quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank’s stock valued at $311,000 after buying an additional 138 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.