Canadian Imperial Bank of Commerce (CM) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sell rating to a hold rating in a research note released on Monday morning.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Several other research analysts also recently issued reports on the stock. Citigroup downgraded shares of Canadian Imperial Bank of Commerce from a buy rating to a neutral rating and set a $120.00 price target for the company. in a report on Wednesday, October 25th. TD Securities upgraded Canadian Imperial Bank of Commerce from a hold rating to a buy rating and set a $120.00 price objective for the company in a report on Wednesday, September 6th. Scotiabank restated a hold rating and issued a $128.00 price objective on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, November 22nd. Macquarie assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, October 24th. They issued an underperform rating and a $89.00 price objective for the company. Finally, Canaccord Genuity set a $117.00 price objective on Canadian Imperial Bank of Commerce and gave the company a buy rating in a report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $114.00.

Shares of Canadian Imperial Bank of Commerce (CM) traded down $0.72 during trading hours on Monday, hitting $94.75. 521,700 shares of the stock traded hands, compared to its average volume of 757,606. The firm has a market capitalization of $41,942.80, a P/E ratio of 11.22, a PEG ratio of 3.82 and a beta of 1.12. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 52 week low of $77.20 and a 52 week high of $96.64.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 29th. Investors of record on Thursday, December 28th will be issued a $1.011 dividend. The ex-dividend date of this dividend is Wednesday, December 27th. This represents a $4.04 dividend on an annualized basis and a yield of 4.27%. Canadian Imperial Bank of Commerce’s payout ratio is 47.04%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its holdings in Canadian Imperial Bank of Commerce by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 239,987 shares of the bank’s stock worth $20,689,000 after acquiring an additional 9,819 shares during the period. US Bancorp DE grew its holdings in Canadian Imperial Bank of Commerce by 70.1% during the 2nd quarter. US Bancorp DE now owns 12,228 shares of the bank’s stock worth $993,000 after acquiring an additional 5,038 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $1,048,000. Janney Montgomery Scott LLC grew its holdings in Canadian Imperial Bank of Commerce by 14.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 3,394 shares of the bank’s stock worth $275,000 after acquiring an additional 439 shares during the period. Finally, Bbva Compass Bancshares Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $398,000. Institutional investors and hedge funds own 44.76% of the company’s stock.

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About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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