Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded at StockNews.com

StockNews.com upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sell rating to a hold rating in a research report released on Thursday.

Separately, Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

Shares of CM opened at $63.52 on Thursday. The firm has a fifty day moving average price of $64.14 and a 200-day moving average price of $59.81. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $59.86 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.68 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $43.86 and a 12-month high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be given a $0.6912 dividend. This represents a $2.76 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.22%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its position in Canadian Imperial Bank of Commerce by 279.6% during the 2nd quarter. Renaissance Technologies LLC now owns 154,499 shares of the bank’s stock valued at $7,343,000 after acquiring an additional 113,800 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Canadian Imperial Bank of Commerce by 6.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,568 shares of the bank’s stock valued at $407,000 after purchasing an additional 543 shares in the last quarter. Ensign Peak Advisors Inc grew its stake in Canadian Imperial Bank of Commerce by 2.3% in the second quarter. Ensign Peak Advisors Inc now owns 61,500 shares of the bank’s stock valued at $3,031,000 after purchasing an additional 1,400 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $407,000. Finally, AXA S.A. raised its holdings in Canadian Imperial Bank of Commerce by 373.3% in the second quarter. AXA S.A. now owns 805,845 shares of the bank’s stock worth $38,310,000 after purchasing an additional 635,592 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.