Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sell rating to a hold rating in a report released on Friday morning, 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 firms have also recently weighed in on CM. Scotiabank restated a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, August 20th. BMO Capital Markets restated a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 23rd. National Bank Financial restated a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 23rd. Royal Bank of Canada restated a hold rating and set a $124.00 price target (down from $128.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 23rd. Finally, Barclays restated a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, August 22nd. Ten equities research analysts have rated the stock with a hold rating, The company currently has an average rating of Hold and an average target price of $120.67.

Shares of NYSE CM traded up $0.15 during mid-day trading on Friday, reaching $87.34. 256,355 shares of the company’s stock traded hands, compared to its average volume of 445,441. The stock has a market cap of $38.82 billion, a P/E ratio of 9.35, a PEG ratio of 3.07 and a beta of 1.18. The business has a 50-day simple moving average of $84.55 and a 200 day simple moving average of $80.35. Canadian Imperial Bank of Commerce has a 1-year low of $72.96 and a 1-year high of $87.74. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.87 and a quick ratio of 0.87.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 22nd. The bank reported $3.10 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a net margin of 18.39% and a return on equity of 15.92%. The business had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.50 billion. During the same period in the previous year, the company earned $3.08 earnings per share. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 9.16 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a $1.091 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. The ex-dividend date was Thursday, September 26th. This represents a $4.36 annualized dividend and a yield of 5.00%. Canadian Imperial Bank of Commerce’s payout ratio is currently 46.36%.

A number of hedge funds have recently made changes to their positions in CM. Toronto Dominion Bank raised its position in Canadian Imperial Bank of Commerce by 31.6% in the second quarter. Toronto Dominion Bank now owns 18,311,681 shares of the bank’s stock worth $1,439,731,000 after acquiring an additional 4,401,289 shares during the period. Letko Brosseau & Associates Inc. raised its position in Canadian Imperial Bank of Commerce by 43.2% in the second quarter. Letko Brosseau & Associates Inc. now owns 2,655,937 shares of the bank’s stock worth $209,304,000 after acquiring an additional 801,058 shares during the period. Mackenzie Financial Corp raised its position in Canadian Imperial Bank of Commerce by 46.7% in the second quarter. Mackenzie Financial Corp now owns 2,443,838 shares of the bank’s stock worth $191,988,000 after acquiring an additional 778,230 shares during the period. Alberta Investment Management Corp raised its position in shares of Canadian Imperial Bank of Commerce by 63.7% in the third quarter. Alberta Investment Management Corp now owns 1,771,200 shares of the bank’s stock valued at $146,231,000 after purchasing an additional 689,000 shares during the period. Finally, Investec Asset Management LTD raised its position in shares of Canadian Imperial Bank of Commerce by 478.2% in the second quarter. Investec Asset Management LTD now owns 648,507 shares of the bank’s stock valued at $8,803,000 after purchasing an additional 536,357 shares during the period. 44.54% of the stock is currently owned by institutional investors and hedge funds.

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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