Canadian Imperial Bank of Commerce (CM) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a report published on Wednesday 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 weighed in on the company. Citigroup downgraded Canadian Imperial Bank of Commerce from a buy rating to a neutral rating and set a $120.00 target price on the stock. in a research note on Wednesday, October 25th. Barclays upgraded Canadian Imperial Bank of Commerce from an underweight rating to an overweight rating in a research note on Tuesday, December 19th. Scotiabank restated a hold rating and set a $128.00 target price on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, November 22nd. Credit Suisse Group upgraded Canadian Imperial Bank of Commerce from a neutral rating to an outperform rating and boosted their target price for the stock from $116.00 to $125.00 in a research note on Friday, December 1st. Finally, Macquarie began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, October 24th. They set an underperform rating and a $89.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $114.00.

Canadian Imperial Bank of Commerce (CM) opened at $99.02 on Wednesday. Canadian Imperial Bank of Commerce has a 1 year low of $77.20 and a 1 year high of $100.01. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $43,339.88, a price-to-earnings ratio of 11.59, a PEG ratio of 4.87 and a beta of 1.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, November 30th. The bank reported $2.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.20. Canadian Imperial Bank of Commerce had a return on equity of 17.57% and a net margin of 22.45%. The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.29 billion. research analysts anticipate that Canadian Imperial Bank of Commerce will post 8.77 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, January 29th. Shareholders of record on Thursday, December 28th were paid a dividend of $1.011 per share. The ex-dividend date of this dividend was Wednesday, December 27th. This represents a $4.04 annualized dividend and a yield of 4.08%. Canadian Imperial Bank of Commerce’s payout ratio is presently 49.01%.

A number of institutional investors have recently bought and sold shares of the business. TD Asset Management Inc. grew its stake in Canadian Imperial Bank of Commerce by 0.3% during the 3rd quarter. TD Asset Management Inc. now owns 20,387,661 shares of the bank’s stock valued at $1,779,651,000 after purchasing an additional 59,253 shares during the last quarter. CIBC Asset Management Inc grew its stake in Canadian Imperial Bank of Commerce by 8.7% during the 3rd quarter. CIBC Asset Management Inc now owns 8,402,918 shares of the bank’s stock valued at $733,255,000 after purchasing an additional 672,414 shares during the last quarter. Acadian Asset Management LLC grew its stake in Canadian Imperial Bank of Commerce by 1.5% during the 4th quarter. Acadian Asset Management LLC now owns 6,689,003 shares of the bank’s stock valued at $654,197,000 after purchasing an additional 98,900 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in Canadian Imperial Bank of Commerce by 11.0% during the 3rd quarter. Great West Life Assurance Co. Can now owns 3,830,702 shares of the bank’s stock valued at $334,543,000 after purchasing an additional 380,145 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Canadian Imperial Bank of Commerce by 63.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,876,904 shares of the bank’s stock valued at $233,390,000 after purchasing an additional 1,115,584 shares during the last quarter. Institutional investors and hedge funds own 44.43% of the company’s stock.

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Canadian Imperial Bank of Commerce Company Profile

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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