Zacks Research Downgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Hold

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also weighed in on CM. Raymond James Financial started coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $94.95 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $91.58 and its 200-day moving average price is $83.43. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $95.82. The stock has a market cap of $87.98 billion, a P/E ratio of 15.59, a P/E/G ratio of 1.29 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the company earned $1.91 EPS. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors have recently bought and sold shares of the stock. Salem Investment Counselors Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter worth about $30,000. Toth Financial Advisory Corp bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $32,000. AdvisorNet Financial Inc increased its holdings in Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after acquiring an additional 300 shares in the last quarter. Larson Financial Group LLC raised its stake in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after acquiring an additional 219 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $34,000. 49.88% of the stock is owned by institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.