Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of “Hold” by Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) have been given an average rating of “Hold” by the nine analysts that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $67.00.

CM has been the subject of a number of research reports. Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an “underweight” rating for the company. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Thursday, June 20th. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Finally, UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday. They issued a “neutral” rating for the company.

Institutional Trading of Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bruce G. Allen Investments LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $33,000. Glassman Wealth Services lifted its holdings in Canadian Imperial Bank of Commerce by 57.5% during the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after purchasing an additional 253 shares during the last quarter. Janiczek Wealth Management LLC lifted its holdings in Canadian Imperial Bank of Commerce by 34.9% during the 4th quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after purchasing an additional 222 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Canadian Imperial Bank of Commerce by 574.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after purchasing an additional 908 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $64,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Up 1.6 %

Shares of CM opened at $48.03 on Wednesday. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $51.14. The stock has a fifty day moving average of $48.36 and a two-hundred day moving average of $47.83. The company has a market capitalization of $45.29 billion, a PE ratio of 9.88, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. As a group, analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

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

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.