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

TD Securities upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a buy rating in a research note released on Wednesday, September 6th, MarketBeat reports. They currently have $120.00 target price on the bank’s stock.

A number of other equities analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a research report on Friday, May 26th. National Bank Financial reissued an outperform overweight rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. Canaccord Genuity set a $117.00 price target on shares of Canadian Imperial Bank of Commerce and gave the company a buy rating in a research report on Thursday, August 24th. Finally, BidaskClub raised shares of Canadian Imperial Bank of Commerce from a strong sell rating to a sell rating in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $101.80.

Shares of Canadian Imperial Bank of Commerce (NYSE CM) opened at 87.90 on Wednesday. The stock has a market cap of $38.32 billion, a price-to-earnings ratio of 10.00 and a beta of 1.08. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The company has a 50 day moving average price of $85.51 and a 200-day moving average price of $83.67.

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The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Thursday, September 28th will be paid a dividend of $1.0329 per share. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. This represents a $4.13 annualized dividend and a yield of 4.70%. The ex-dividend date of this dividend is Wednesday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 45.25%.

Large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Canadian Imperial Bank of Commerce by 8.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,266 shares of the bank’s stock worth $13,655,000 after acquiring an additional 13,818 shares in the last quarter. Strategic Global Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth $400,000. AXA increased its stake in Canadian Imperial Bank of Commerce by 11.8% in the second quarter. AXA now owns 464,282 shares of the bank’s stock valued at $37,681,000 after purchasing an additional 48,873 shares during the period. Sprott Inc. acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at $1,128,000. Finally, TD Asset Management Inc. increased its stake in Canadian Imperial Bank of Commerce by 3.1% in the second quarter. TD Asset Management Inc. now owns 20,328,408 shares of the bank’s stock valued at $1,649,658,000 after purchasing an additional 620,661 shares during the period. Hedge funds and other institutional investors own 46.47% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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

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