Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded to Hold at Zacks Investment Research

Share on StockTwits

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

CM has been the subject of several other reports. ValuEngine cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, November 25th. BMO Capital Markets reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Barclays reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, August 22nd. Royal Bank of Canada reissued a “hold” rating and issued a $124.00 price objective (down from $128.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Finally, National Bank Financial reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $122.50.

Shares of CM traded down $0.28 during mid-day trading on Monday, hitting $86.62. The company’s stock had a trading volume of 303,800 shares, compared to its average volume of 441,162. Canadian Imperial Bank of Commerce has a one year low of $72.96 and a one year high of $87.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $38.72 billion, a PE ratio of 9.27, a price-to-earnings-growth ratio of 2.91 and a beta of 1.17. The stock’s 50-day moving average is $86.03 and its two-hundred day moving average is $80.61.

A number of hedge funds have recently modified their holdings of CM. Flagship Harbor Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 78.3% in the third quarter. Flagship Harbor Advisors LLC now owns 451 shares of the bank’s stock worth $37,000 after purchasing an additional 198 shares during the period. Liberty Wealth Management LLC lifted its position in Canadian Imperial Bank of Commerce by 50.9% in the third quarter. Liberty Wealth Management LLC now owns 637 shares of the bank’s stock worth $53,000 after purchasing an additional 215 shares during the period. Private Capital Group LLC lifted its position in Canadian Imperial Bank of Commerce by 116.9% in the second quarter. Private Capital Group LLC now owns 616 shares of the bank’s stock worth $54,000 after purchasing an additional 332 shares during the period. CWM LLC lifted its position in Canadian Imperial Bank of Commerce by 86.7% in the second quarter. CWM LLC now owns 758 shares of the bank’s stock worth $60,000 after purchasing an additional 352 shares during the period. Finally, Cornerstone Advisors Inc. lifted its position in Canadian Imperial Bank of Commerce by 34.1% in the third quarter. Cornerstone Advisors Inc. now owns 1,054 shares of the bank’s stock worth $87,000 after purchasing an additional 268 shares during the period. 44.29% 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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

See Also: Blockchain

Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


 
© 2006-2019 BBNS.