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

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 equities research analysts have also recently commented on CM. Scotiabank reaffirmed a “sector perform” rating and set a $105.00 price objective on shares of Canadian Imperial Bank of Commerce in a research report on Sunday, October 23rd. RBC Capital Markets reissued a “sector perform” rating and issued a $112.00 target price (up from $104.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 26th. Canaccord Genuity reissued a “neutral” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, August 25th. Desjardins reissued a “buy” rating and issued a $110.00 target price (up from $109.00) on shares of Canadian Imperial Bank of Commerce in a research report on Monday, August 29th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $103.00 target price on shares of Canadian Imperial Bank of Commerce in a research report on Friday, September 9th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. The stock presently 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) traded up 0.46% during mid-day trading on Tuesday, hitting $78.94. The stock had a trading volume of 781,342 shares. 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 cap of $31.17 billion, a PE ratio of 10.35 and a beta of 1.06. The firm has a 50 day moving average price of $75.89 and a 200 day moving average price of $77.08.

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A number of hedge funds have recently modified their holdings of CM. Advisor Group Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $154,000. Smith Asset Management Group LP purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter worth about $199,000. Tower Research Capital LLC TRC increased its stake in Canadian Imperial Bank of Commerce by 2,545.0% in the third quarter. Tower Research Capital LLC TRC now owns 2,645 shares of the company’s stock worth $205,000 after buying an additional 2,545 shares during the last quarter. Eqis Capital Management Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $208,000. Finally, Stevens Capital Management LP purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter worth about $220,000. 52.80% of the stock is currently 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

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