Canadian Imperial Bank of Commerce (CM) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Several other research analysts also recently commented on CM. Barclays restated an average rating and set a $123.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Friday, March 1st. Scotiabank restated an average rating and set a $126.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Friday, February 22nd. Canaccord Genuity restated an average rating and set a $125.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, February 20th. ValuEngine upgraded shares of Canadian Imperial Bank of Commerce from a sell rating to a hold rating in a research report on Tuesday, February 5th. Finally, BMO Capital Markets restated a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $123.83.

Shares of CM stock opened at $77.84 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $34.57 billion, a P/E ratio of 8.33, a P/E/G ratio of 5.11 and a beta of 1.16. Canadian Imperial Bank of Commerce has a 1 year low of $72.96 and a 1 year high of $96.98.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Wednesday, May 22nd. The bank reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.75. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.36 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.17% and a net margin of 19.44%. During the same period in the previous year, the company posted $2.95 earnings per share. As a group, analysts predict that Canadian Imperial Bank of Commerce will post 9.14 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, June 27th. This represents a $4.16 annualized dividend and a yield of 5.34%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 45.50%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 244.2% during the first quarter. Advisory Services Network LLC now owns 1,525 shares of the bank’s stock worth $121,000 after buying an additional 1,082 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth $1,472,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 23.0% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,229 shares of the bank’s stock worth $494,000 after buying an additional 1,165 shares in the last quarter. Man Group plc increased its holdings in shares of Canadian Imperial Bank of Commerce by 8.0% during the first quarter. Man Group plc now owns 280,100 shares of the bank’s stock worth $22,140,000 after buying an additional 20,653 shares in the last quarter. Finally, M&T Bank Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.0% during the first quarter. M&T Bank Corp now owns 12,612 shares of the bank’s stock worth $998,000 after buying an additional 362 shares in the last quarter. Institutional investors and hedge funds own 45.93% 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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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

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