Canaccord Genuity lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a buy rating to a hold rating in a research note released on Thursday, The Fly reports.

Other equities analysts have also recently issued research reports about the company. Barclays restated an average rating and issued a $123.00 price target on shares of Canadian Imperial Bank of Commerce in a research report on Friday, March 1st. Scotiabank restated an average rating and issued a $126.00 price target on shares of Canadian Imperial Bank of Commerce in a research report on Friday, February 22nd. ValuEngine raised Canadian Imperial Bank of Commerce from a sell rating to a hold rating in a report on Tuesday, February 5th. Zacks Investment Research lowered Canadian Imperial Bank of Commerce from a strong-buy rating to a hold rating in a report on Monday, March 4th. Finally, TD Securities lowered Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $125.43.

Shares of CM stock opened at $77.02 on Thursday. The stock has a market capitalization of $37.11 billion, a P/E ratio of 8.25, a P/E/G ratio of 5.11 and a beta of 1.16. Canadian Imperial Bank of Commerce has a 52-week low of $72.96 and a 52-week high of $96.98. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Wednesday, May 22nd. The bank reported $2.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.22 by $0.75. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.36 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.17% and a net margin of 19.44%. During the same quarter in the previous year, the firm posted $2.95 EPS. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 9.14 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 5.40%. The ex-dividend date of this dividend is Thursday, June 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 45.50%.

A number of institutional investors and hedge funds have recently made changes to their positions in CM. TD Asset Management Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 1.8% during the 1st quarter. TD Asset Management Inc. now owns 17,439,047 shares of the bank’s stock worth $1,378,467,000 after acquiring an additional 315,286 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Canadian Imperial Bank of Commerce by 15.6% during the 1st quarter. Toronto Dominion Bank now owns 13,910,392 shares of the bank’s stock worth $1,099,327,000 after acquiring an additional 1,881,024 shares in the last quarter. Vanguard Group Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 2.8% during the 3rd quarter. Vanguard Group Inc now owns 11,578,944 shares of the bank’s stock worth $1,085,758,000 after acquiring an additional 312,396 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 0.3% during the 4th quarter. CIBC Asset Management Inc now owns 8,183,163 shares of the bank’s stock worth $609,653,000 after acquiring an additional 28,155 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in shares of Canadian Imperial Bank of Commerce by 11.0% during the 4th quarter. Bank of Nova Scotia now owns 6,116,847 shares of the bank’s stock worth $455,949,000 after acquiring an additional 606,814 shares in the last quarter. 45.93% of the stock is currently owned by 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 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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