Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded to Hold Rating by Zacks Research

Zacks Research downgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

A number of other research firms have also weighed in on CM. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $94.95 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The business’s fifty day moving average is $91.58 and its 200 day moving average is $83.43. The company has a market capitalization of $87.98 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $95.82.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.91 EPS. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.5%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is 50.25%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently bought and sold shares of CM. Vanguard Group Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after buying an additional 876,974 shares during the last quarter. TD Asset Management Inc grew its position in Canadian Imperial Bank of Commerce by 1.1% in the third quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock worth $1,818,556,000 after acquiring an additional 249,722 shares in the last quarter. Canerector Inc. increased its stake in Canadian Imperial Bank of Commerce by 11,021.0% during the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after acquiring an additional 22,042,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Canadian Imperial Bank of Commerce by 10.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,349,841 shares of the bank’s stock valued at $826,866,000 after purchasing an additional 980,811 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $730,245,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.