Canadian Imperial Bank of Commerce (NYSE:CM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

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. “

A number of other research firms have also issued reports on CM. BMO Capital Markets reaffirmed a “hold” rating and issued a $103.00 target price on shares of Canadian Imperial Bank of Commerce in a report on Friday, September 9th. TD Securities reaffirmed a “hold” rating and issued a $105.00 target price (up previously from $100.00) on shares of Canadian Imperial Bank of Commerce in a report on Monday, August 29th. Scotiabank reaffirmed a “sector perform” rating and issued a $105.00 target price (up previously from $102.00) on shares of Canadian Imperial Bank of Commerce in a report on Monday, August 29th. Desjardins reiterated a “buy” rating and issued a $110.00 price objective (up previously from $109.00) on shares of Canadian Imperial Bank of Commerce in a research report on Monday, August 29th. Finally, RBC Capital Markets reiterated a “sector perform” rating and issued a $112.00 price objective (up previously from $104.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 26th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus target price of $99.07.

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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) opened at 75.81 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $56.29 and a 52-week high of $82.60. The firm has a market capitalization of $29.93 billion, a price-to-earnings ratio of 9.79 and a beta of 1.06. The company’s 50 day moving average price is $75.62 and its 200 day moving average price is $77.18.

Canadian Imperial Bank of Commerce (NYSE:CM) last released its earnings results on Thursday, August 25th. The company reported $2.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.35 by $0.32. Canadian Imperial Bank of Commerce had a return on equity of 18.83% and a net margin of 22.51%. During the same period last year, the company posted $2.45 EPS. Analysts forecast that Canadian Imperial Bank of Commerce will post $7.49 earnings per share for the current year.

The company also recently announced a dividend, which was paid on Friday, October 28th. Stockholders of record on Wednesday, September 28th were paid a $0.928 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous dividend of $0.86. The ex-dividend date was Monday, September 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.07%.

Several large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $184,664,000. Jarislowsky Fraser Ltd boosted its stake in Canadian Imperial Bank of Commerce by 6,258.3% in the second quarter. Jarislowsky Fraser Ltd now owns 2,005,415 shares of the company’s stock valued at $81,967,000 after buying an additional 1,973,875 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $126,017,000. Emerald Acquisition Ltd. purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $108,527,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in Canadian Imperial Bank of Commerce by 56.7% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 2,555,000 shares of the company’s stock valued at $247,937,000 after buying an additional 924,900 shares during the period. 52.63% of the stock is owned by institutional investors.

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.

5 Day Chart for NYSE:CM

Receive News & Stock Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related stocks with our FREE daily email newsletter.