Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Upgraded by Bank of America

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat reports.

Several other research analysts have also commented on CM. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Finally, BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.33.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

Shares of NYSE CM opened at $58.44 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $59.10. The firm has a fifty day simple moving average of $50.77 and a two-hundred day simple moving average of $49.25. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $55.11 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.14 EPS. Equities analysts expect that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CM. Gulf International Bank UK Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.8% during the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock valued at $324,000 after buying an additional 236 shares during the period. Simplicity Wealth LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.9% during the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after purchasing an additional 240 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Canadian Imperial Bank of Commerce by 4.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock worth $347,000 after purchasing an additional 300 shares during the period. Bleakley Financial Group LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock worth $315,000 after purchasing an additional 314 shares during the period. Finally, Lantz Financial LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 7.1% during the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock worth $277,000 after purchasing an additional 385 shares during the period. 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.