StockNews.com Upgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Hold

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

Several other analysts have also recently commented on the stock. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Finally, Barclays started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They issued an “underweight” rating for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM traded down $0.29 during trading hours on Friday, reaching $49.05. 3,104,504 shares of the company traded hands, compared to its average volume of 1,561,882. The stock has a market cap of $46.26 billion, a P/E ratio of 10.09, a price-to-earnings-growth ratio of 1.93 and a beta of 1.06. The stock’s fifty day moving average is $48.55 and its 200 day moving average is $47.91. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $51.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, May 30th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. The business had revenue of $4.54 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Simplicity Wealth LLC increased its holdings in Canadian Imperial Bank of Commerce by 3.9% during the second quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after buying an additional 240 shares during the last quarter. Lantz Financial LLC increased its holdings in Canadian Imperial Bank of Commerce by 7.1% during the second quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock worth $277,000 after buying an additional 385 shares during the last quarter. First Bank & Trust increased its holdings in Canadian Imperial Bank of Commerce by 2.6% during the second quarter. First Bank & Trust now owns 41,295 shares of the bank’s stock worth $1,963,000 after buying an additional 1,039 shares during the last quarter. Cardinal Capital Management Inc. increased its holdings in Canadian Imperial Bank of Commerce by 0.3% during the second quarter. Cardinal Capital Management Inc. now owns 2,284,747 shares of the bank’s stock worth $108,569,000 after buying an additional 5,738 shares during the last quarter. Finally, Cetera Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $1,278,000. 49.88% of the stock is 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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.