Canadian Imperial Bank of Commerce (NYSE:CM) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research note published on Sunday.

Other research analysts have also recently issued reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 1.0%

CM stock opened at $83.79 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $77.89 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.76 and a beta of 1.03. The business has a 50-day moving average of $79.36 and a 200-day moving average of $72.16. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $84.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same period in the prior year, the firm posted $1.93 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were issued a dividend of $0.97 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.64%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently modified their holdings of CM. Norges Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $730,245,000. Goldman Sachs Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 405.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after acquiring an additional 4,160,938 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Canadian Imperial Bank of Commerce by 130.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock valued at $519,312,000 after acquiring an additional 4,160,060 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock valued at $595,762,000 after acquiring an additional 2,538,808 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its position in Canadian Imperial Bank of Commerce by 51.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after purchasing an additional 2,425,000 shares during the last quarter. Institutional investors and hedge funds 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.