Canadian Imperial Bank of Commerce (NYSE:CM) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sell rating to a hold rating in a research note published on Saturday morning.

Several other equities analysts also recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $80.28 on Friday. The firm has a fifty day moving average of $78.17 and a 200-day moving average of $70.81. The company has a market cap of $74.63 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $82.23.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $1.93 EPS. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a yield of 4.8%. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently modified their holdings of CM. Farther Finance Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 51.1% during the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank’s stock valued at $51,000 after purchasing an additional 305 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $530,000. Janney Montgomery Scott LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 0.9% in the first quarter. Janney Montgomery Scott LLC now owns 53,304 shares of the bank’s stock worth $3,001,000 after buying an additional 471 shares during the period. Sowell Financial Services LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $204,000. Finally, Hudson Value Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $708,000. 49.88% 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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.