Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded to “Sell” at StockNews.com

by · The Markets Daily

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) (TSE:CM) from a hold rating to a sell rating in a research note published on Tuesday.

A number of other research firms have also recently issued reports on CM. Cormark upgraded Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a research report on Friday, August 30th. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a neutral rating for the company. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an outperform rating in a research 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. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $81.00.

Check Out Our Latest Analysis on Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $59.58 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $56.19 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.86 and a beta of 1.07. The firm has a fifty day moving average price of $57.07 and a two-hundred day moving average price of $51.73. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $62.67.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Free Report) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter last year, the company earned $1.14 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. Analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.38%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.73%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CM. Vanguard Group Inc. raised its stake in Canadian Imperial Bank of Commerce by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after buying an additional 675,786 shares during the period. Toronto Dominion Bank increased its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after acquiring an additional 3,942,894 shares in the last quarter. Cibc World Market Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after purchasing an additional 3,143,734 shares during the period. National Bank of Canada FI lifted its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after purchasing an additional 3,875,280 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after purchasing an additional 228,130 shares during the period. Institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

(Get Free Report)

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.

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