Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sell rating to a hold rating in a research note released on Friday morning.

Other research analysts have also issued reports about the company. Desjardins upgraded Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods raised 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 upped their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an outperform rating in a research note on Friday. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a neutral rating for the company. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a neutral rating to a buy rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of Moderate Buy and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $58.44 on Friday. The firm has a market cap of $55.11 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 2.17 and a beta of 1.06. The firm’s 50-day simple moving average is $50.97 and its 200-day simple moving average is $49.40. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $59.10. 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 released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. The company’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.14 EPS. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.57 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.46%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 53.50%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $51,000. Principal Securities Inc. bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $64,000. Finally, Hexagon Capital Partners LLC grew its holdings in Canadian Imperial Bank of Commerce by 152.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,692 shares of the bank’s stock valued at $81,000 after purchasing an additional 1,023 shares during the period. Institutional investors own 49.88% of the company’s stock.

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.