Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $131.00 target price on the bank’s stock.

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 equities research analysts have also recently issued reports on the stock. TD Securities lifted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$160.00 and gave the company a buy rating in a research report on Friday, August 27th. Desjardins boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$154.00 and gave the company a hold rating in a research report on Monday, August 30th. Canaccord Genuity boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$157.00 to C$161.00 and gave the company a buy rating in a research report on Friday, August 27th. BMO Capital Markets boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$165.00 and gave the company an outperform rating in a research report on Friday, August 27th. Finally, Barclays boosted their price objective on shares of Canadian Imperial Bank of Commerce from $150.00 to $157.00 and gave the company an overweight rating in a research report on Friday, August 13th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of Buy and an average price target of $157.78.

Shares of NYSE CM opened at $116.18 on Wednesday. The firm’s 50-day moving average price is $115.70 and its 200-day moving average price is $112.27. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market cap of $52.32 billion, a PE ratio of 11.28, a PEG ratio of 0.91 and a beta of 1.13. Canadian Imperial Bank of Commerce has a 52-week low of $72.07 and a 52-week high of $121.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Wednesday, August 25th. The bank reported $3.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.65 by $1.28. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.96 billion. Canadian Imperial Bank of Commerce had a net margin of 26.13% and a return on equity of 16.40%. During the same quarter last year, the firm posted $2.71 earnings per share. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 11.54 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 28th. Investors of record on Tuesday, September 28th will be paid a $1.1561 dividend. This represents a $4.62 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Monday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 64.22%.

Large investors have recently added to or reduced their stakes in the stock. Capital Analysts LLC raised its holdings in Canadian Imperial Bank of Commerce by 764.5% in the first quarter. Capital Analysts LLC now owns 268 shares of the bank’s stock worth $26,000 after purchasing an additional 237 shares in the last quarter. Stonebridge Capital Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth about $34,000. Arkadios Wealth Advisors raised its holdings in Canadian Imperial Bank of Commerce by 214.5% in the second quarter. Arkadios Wealth Advisors now owns 544 shares of the bank’s stock worth $61,000 after purchasing an additional 371 shares in the last quarter. BDO Wealth Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth about $60,000. Finally, Credit Agricole S A bought a new position in Canadian Imperial Bank of Commerce in the first quarter worth about $90,000. 42.97% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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