Zacks Investment Research Lowers Canadian Imperial Bank of Commerce (NYSE:CM) to Strong Sell

Zacks Investment Research cut shares of Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) from a hold rating to a strong sell rating in a research note released on Thursday, Zacks.com reports.

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 analysts have also weighed in on CM. Scotiabank increased their price target on Canadian Imperial Bank of Commerce from C$83.00 to C$91.00 in a report on Friday, February 18th. Barclays lowered Canadian Imperial Bank of Commerce from an overweight rating to an equal weight rating and increased their target price for the stock from $81.00 to $84.50 in a research note on Wednesday, January 19th. Stifel Nicolaus reduced their target price on Canadian Imperial Bank of Commerce from C$87.00 to C$86.00 and set a hold rating on the stock in a research note on Friday, April 8th. Bank of America lowered Canadian Imperial Bank of Commerce from a buy rating to a neutral rating in a research note on Tuesday, May 17th. Finally, StockNews.com assumed coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, March 31st. They issued a hold rating on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of Hold and an average price target of $82.42.

NYSE:CM opened at $53.45 on Thursday. The stock’s fifty day moving average is $59.25 and its 200 day moving average is $60.13. Canadian Imperial Bank of Commerce has a fifty-two week low of $51.14 and a fifty-two week high of $66.24. The firm has a market capitalization of $48.24 billion, a PE ratio of 9.30, a PEG ratio of 2.82 and a beta of 1.02. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last released its quarterly earnings results on Friday, February 25th. The bank reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 16.72% and a net margin of 28.15%. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the firm posted $1.39 EPS. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.37 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 28th. Investors of record on Monday, March 28th were given a dividend of $0.6335 per share. This represents a $2.53 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date was Friday, March 25th. Canadian Imperial Bank of Commerce’s payout ratio is currently 44.17%.

A number of hedge funds have recently modified their holdings of CM. Avantax Advisory Services Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 1.8% in the fourth quarter. Avantax Advisory Services Inc. now owns 4,502 shares of the bank’s stock worth $525,000 after acquiring an additional 80 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.8% during the third quarter. Captrust Financial Advisors now owns 2,521 shares of the bank’s stock worth $284,000 after purchasing an additional 93 shares during the period. Wealth Alliance lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.1% during the first quarter. Wealth Alliance now owns 4,775 shares of the bank’s stock worth $581,000 after purchasing an additional 97 shares during the period. NEXT Financial Group Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 68.5% during the fourth quarter. NEXT Financial Group Inc now owns 246 shares of the bank’s stock worth $29,000 after purchasing an additional 100 shares during the period. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,423 shares of the bank’s stock worth $282,000 after purchasing an additional 102 shares during the period. 43.66% of the stock is currently owned by institutional investors.

About Canadian Imperial Bank of Commerce (Get Rating)

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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