Canadian Imperial Bank of Commerce (NYSE:CM) Rating Increased to Hold at StockNews.com

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Several other research firms have also weighed in on CM. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Barclays began coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, March 20th. They set an “underweight” rating for the company. UBS Group began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and a consensus price target of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded down $0.29 on Friday, reaching $49.05. 3,104,504 shares of the company were exchanged, compared to its average volume of 1,561,882. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The company’s 50-day moving average is $48.55 and its two-hundred day moving average is $47.91. The firm has a market cap of $46.26 billion, a price-to-earnings ratio of 10.09, a P/E/G ratio of 1.93 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $51.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.22 by $0.07. The firm had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bruce G. Allen Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth about $33,000. Glassman Wealth Services boosted its holdings in Canadian Imperial Bank of Commerce by 57.5% during the fourth quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after purchasing an additional 253 shares in the last quarter. Janiczek Wealth Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 34.9% during the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after purchasing an additional 222 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 574.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after purchasing an additional 908 shares in the last quarter. Finally, Principal Securities Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $64,000. 49.88% of the stock is owned by institutional investors and hedge funds.

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