Canadian Imperial Bank of Commerce (NYSE:CM) Lowered to “Sell” Rating by StockNews.com

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research note issued to investors on Monday.

Separately, Royal Bank of Canada reissued a “sector perform” rating and set a $97.00 price target (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.7 %

Canadian Imperial Bank of Commerce stock opened at $63.17 on Monday. The company has a 50 day moving average price of $64.40 and a 200 day moving average price of $58.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $43.86 and a 52 week high of $67.45. The firm has a market capitalization of $59.53 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 1.78 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th will be paid a $0.6912 dividend. The ex-dividend date of this dividend is Friday, December 27th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.38%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 53.46%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 1,069.4% during the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after purchasing an additional 663 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after purchasing an additional 334,545 shares in the last quarter. Franklin Resources Inc. raised its holdings in Canadian Imperial Bank of Commerce by 4.4% during the third quarter. Franklin Resources Inc. now owns 880,838 shares of the bank’s stock valued at $54,606,000 after buying an additional 37,419 shares in the last quarter. Hobbs Group Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 675.8% in the third quarter. Hobbs Group Advisors LLC now owns 2,211 shares of the bank’s stock worth $136,000 after buying an additional 1,926 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 8.6% in the third quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after buying an additional 336,854 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.