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

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, December 4th.

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. “

CM has been the subject of a number of other reports. Macquarie initiated 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 for the company. Citigroup downgraded 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 research report on Wednesday, October 25th. Canaccord Genuity reaffirmed a buy rating and set a $121.00 price target on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, November 30th. Credit Suisse Group raised Canadian Imperial Bank of Commerce from a neutral rating to an outperform rating and increased their price objective for the company from $116.00 to $125.00 in a report on Friday, December 1st. Finally, Scotiabank reaffirmed a hold rating and set a $128.00 price target on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, November 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $114.00.

Canadian Imperial Bank of Commerce (NYSE CM) traded up $0.08 during midday trading on Monday, reaching $97.41. The company had a trading volume of 275,016 shares, compared to its average volume of 446,692. Canadian Imperial Bank of Commerce has a twelve month low of $77.20 and a twelve month high of $97.75. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.11. The company has a market cap of $42,759.96, a PE ratio of 11.31, a price-to-earnings-growth ratio of 4.80 and a beta of 1.12.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 29th. Investors of record on Thursday, December 28th will be given a $1.011 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Wednesday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 46.92%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of Canadian Imperial Bank of Commerce by 55.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the bank’s stock worth $120,000 after purchasing an additional 526 shares during the period. INR Advisory Services LLC bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $125,000. Quantum Capital Management LLC NJ bought a new position in Canadian Imperial Bank of Commerce in the third quarter valued at about $134,000. Nationwide Fund Advisors bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $138,000. Finally, D.A. Davidson & CO. bought a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $162,000. Institutional investors own 44.37% 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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