Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded by Zacks Investment Research to Buy

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Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. The brokerage currently has $97.00 target price on the bank’s stock.

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. “

Other research analysts also recently issued reports about the stock. Royal Bank of Canada reiterated a hold rating and issued a $124.00 price target (down from $128.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. BMO Capital Markets restated a hold rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 23rd. Scotiabank reaffirmed a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, August 20th. National Bank Financial reiterated a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Finally, ValuEngine downgraded Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $122.50.

Shares of CM opened at $85.95 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.87 and a quick ratio of 0.87. Canadian Imperial Bank of Commerce has a one year low of $72.96 and a one year high of $87.62. The firm has a market capitalization of $38.59 billion, a P/E ratio of 9.20, a PEG ratio of 2.91 and a beta of 1.17. The business has a fifty day moving average of $86.09 and a 200 day moving average of $80.63.

Several hedge funds and other institutional investors have recently made changes to their positions in CM. Man Group plc lifted its stake in shares of Canadian Imperial Bank of Commerce by 13.6% during the 3rd quarter. Man Group plc now owns 335,097 shares of the bank’s stock valued at $27,665,000 after buying an additional 40,097 shares in the last quarter. Voloridge Investment Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 13.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 27,060 shares of the bank’s stock worth $2,234,000 after buying an additional 3,218 shares during the period. Bank of Hawaii increased its stake in Canadian Imperial Bank of Commerce by 3.3% in the 3rd quarter. Bank of Hawaii now owns 17,105 shares of the bank’s stock worth $1,412,000 after buying an additional 546 shares in the last quarter. IHT Wealth Management LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth $251,000. Finally, National Pension Service increased its stake in Canadian Imperial Bank of Commerce by 4.8% in the 3rd quarter. National Pension Service now owns 558,056 shares of the bank’s stock worth $61,001,000 after buying an additional 25,677 shares in the last quarter. 44.29% of the stock is owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

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: Stochastic Momentum Index (SMI)

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

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