Canadian Imperial Bank of Commerce (NYSE:CM) Given “Sector Perform” Rating at Royal Bank of Canada

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)‘s stock had its “sector perform” rating reissued by equities research analysts at Royal Bank of Canada in a note issued to investors on Friday,Benzinga reports. They presently have a $97.00 price objective on the bank’s stock, up from their prior price objective of $74.00. Royal Bank of Canada’s price target would indicate a potential upside of 45.51% from the stock’s previous close.

Several other research firms also recently commented on CM. BMO Capital Markets increased their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $66.66 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50 day moving average price of $63.10 and a 200 day moving average price of $56.11. The stock has a market capitalization of $62.97 billion, a PE ratio of 12.46, a price-to-earnings-growth ratio of 1.67 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52 week low of $42.28 and a 52 week high of $67.14.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds have recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after buying an additional 171 shares in the last quarter. PDS Planning Inc raised its stake in Canadian Imperial Bank of Commerce by 4.7% in the 3rd quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock worth $305,000 after purchasing an additional 224 shares in the last quarter. MML Investors Services LLC raised its stake in Canadian Imperial Bank of Commerce by 0.5% in the 3rd quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock worth $2,699,000 after purchasing an additional 237 shares in the last quarter. Simplicity Wealth LLC boosted its holdings in Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after purchasing an additional 240 shares during the period. Finally, Prospera Private Wealth LLC grew its position in shares of Canadian Imperial Bank of Commerce by 3.2% during the 3rd quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock worth $643,000 after purchasing an additional 330 shares in the last quarter. 49.88% of the stock is 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.