Canadian Imperial Bank of Commerce (NYSE:CM) Coverage Initiated by Analysts at UBS Group

UBS Group started coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note issued to investors on Tuesday, MarketBeat reports. The firm issued a neutral rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. StockNews.com cut Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a research note on Thursday, June 20th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a research report on Monday, June 3rd. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an outperform rating in a research report on Friday, May 31st. Finally, Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an underweight rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $67.00.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

Shares of NYSE:CM opened at $48.03 on Tuesday. The business’s 50 day moving average is $48.36 and its 200 day moving average is $47.83. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The stock has a market cap of $45.29 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 1.87 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The firm had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be paid a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a yield of 5.44%. The ex-dividend date of this dividend is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 53.70%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Canadian Imperial Bank of Commerce by 1.9% during the first quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after purchasing an additional 675,786 shares during the last quarter. Bank of Nova Scotia lifted its position in Canadian Imperial Bank of Commerce by 8.1% in the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock worth $1,199,627,000 after buying an additional 1,872,709 shares during the last quarter. TD Asset Management Inc boosted its stake in Canadian Imperial Bank of Commerce by 13.8% in the fourth quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after buying an additional 2,730,076 shares in the last quarter. CIBC Asset Management Inc grew its position in Canadian Imperial Bank of Commerce by 12.8% during the fourth quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock valued at $560,365,000 after acquiring an additional 1,313,996 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $404,008,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

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.