Desjardins Downgrades Canadian Imperial Bank of Commerce (TSE:CM) to Hold

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was downgraded by Desjardins from a “buy” rating to a “hold” rating in a research report issued on Wednesday,BayStreet.CA reports. They presently have a C$173.00 price objective on the stock, up from their previous price objective of C$160.00. Desjardins’ price target suggests a potential upside of 4.11% from the stock’s current price.

CM has been the subject of a number of other reports. Canaccord Genuity Group increased their target price on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. National Bank Financial boosted their price target on Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the stock a “sector perform” rating in a research note on Friday, May 15th. Jefferies Financial Group upped their price target on Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a report on Wednesday, May 20th. Raymond James Financial dropped their price objective on Canadian Imperial Bank of Commerce from C$157.50 to C$155.50 and set a “market perform” rating for the company in a research note on Friday, May 29th. Finally, Scotiabank lifted their price objective on Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the stock a “sector perform” rating in a report on Tuesday, June 16th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of C$154.77.

Canadian Imperial Bank of Commerce Trading Up 0.1%

Shares of TSE:CM traded up C$0.11 on Wednesday, reaching C$166.17. 531,660 shares of the company were exchanged, compared to its average volume of 2,551,690. Canadian Imperial Bank of Commerce has a 1-year low of C$98.80 and a 1-year high of C$171.64. The firm has a market cap of C$151.68 billion, a price-to-earnings ratio of 16.49, a price-to-earnings-growth ratio of 3.03 and a beta of 1.39. The company has a 50-day moving average of C$161.14 and a 200-day moving average of C$146.63.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last announced its quarterly earnings results on Thursday, May 28th. The company reported C$2.54 earnings per share (EPS) for the quarter. Canadian Imperial Bank of Commerce had a net margin of 18.44% and a return on equity of 15.24%. The business had revenue of C$8.01 billion during the quarter. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current year.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, insider Amy Florence South sold 1,200 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of C$160.92, for a total value of C$193,104.00. Also, insider Christopher John Anderson sold 8,490 shares of Canadian Imperial Bank of Commerce stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the completion of the sale, the insider owned 6,252 shares of the company’s stock, valued at C$972,186. This trade represents a 57.59% decrease in their position. Over the last ninety days, insiders have sold 17,776 shares of company stock worth $2,817,744. 0.02% of the stock is owned by company insiders.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.