I would argue that yes, it is slightly overvalued at this point in time. Trading at a high single digit premium to historical averages.
The company's runup over the last few years was primarily following a large drawdown in price due to escalating provisions. It looks like the company may have been a bit too cautious in the reporting of their provisions and as a result they were able to reduce them dramatically over the last few years which ultimately fueled earnings growth.
I am not a huge fan of CIBC. Don't get me wrong, it is an outstanding company. I am just not a huge fan of them in relation to the other banks. I do believe banks like Royal and National are higher quality and more diverse. A little too much exposure to the Canadian housing market for CM for me to ever consider taking a position.