Canadian Imperial Bank of Commerce (NYSE:CM) Price Target Cut to $108.00

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Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) had its price objective trimmed by Canaccord Genuity from $112.50 to $108.00 in a report released on Friday morning, Stock Target Advisor reports. The brokerage currently has a hold rating on the bank’s stock.

Other equities research analysts have also recently issued research reports about the company. Scotiabank reissued a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, August 20th. National Bank Financial restated a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Royal Bank of Canada reaffirmed a hold rating and set a $124.00 price target (down from $128.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 23rd. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a hold rating to a buy rating and set a $97.00 price target on the stock in a research report on Tuesday. Finally, ValuEngine downgraded Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. Canadian Imperial Bank of Commerce currently has an average rating of Hold and an average target price of $117.43.

Canadian Imperial Bank of Commerce stock traded up $0.29 during trading hours on Friday, hitting $82.90. 597,306 shares of the company traded hands, compared to its average volume of 445,017. The firm has a market cap of $36.94 billion, a P/E ratio of 8.88, a P/E/G ratio of 2.91 and a beta of 1.17. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.16. The firm’s 50-day simple moving average is $86.12 and its two-hundred day simple moving average is $80.66. Canadian Imperial Bank of Commerce has a 1-year low of $72.96 and a 1-year high of $87.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 5th. The bank reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.52. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.76 billion. Canadian Imperial Bank of Commerce had a net margin of 18.39% and a return on equity of 15.92%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.00 EPS. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post 9.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a $1.0908 dividend. The ex-dividend date of this dividend is Thursday, December 26th. This represents a $4.36 annualized dividend and a dividend yield of 5.26%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 46.36%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 5.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 178,392 shares of the bank’s stock valued at $14,104,000 after purchasing an additional 9,859 shares during the last quarter. Advisor Partners LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 9.6% in the second quarter. Advisor Partners LLC now owns 6,599 shares of the bank’s stock worth $518,000 after buying an additional 580 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Canadian Imperial Bank of Commerce by 2.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 91,241 shares of the bank’s stock worth $7,190,000 after acquiring an additional 2,111 shares in the last quarter. Investec Asset Management LTD increased its position in shares of Canadian Imperial Bank of Commerce by 478.2% in the second quarter. Investec Asset Management LTD now owns 648,507 shares of the bank’s stock worth $8,803,000 after acquiring an additional 536,357 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Canadian Imperial Bank of Commerce by 15.7% in the second quarter. First Trust Advisors LP now owns 465,228 shares of the bank’s stock worth $36,548,000 after acquiring an additional 63,168 shares in the last quarter. Institutional investors and hedge funds own 44.29% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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 Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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

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