Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Upgraded by Zacks Investment Research

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

A number of other equities analysts have also recently issued reports on the stock. Scotiabank reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, August 20th. BMO Capital Markets reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Royal Bank of Canada reissued a “hold” rating and set a $124.00 price objective (down previously from $128.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. National Bank Financial reissued a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Finally, ValuEngine raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Ten research analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average target price of $120.67.

CM stock opened at $87.19 on Friday. The stock has a market capitalization of $38.49 billion, a PE ratio of 9.49, a price-to-earnings-growth ratio of 3.07 and a beta of 1.18. The company’s 50-day moving average is $84.25 and its 200-day moving average is $80.30. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.87 and a quick ratio of 0.87. Canadian Imperial Bank of Commerce has a 1 year low of $72.96 and a 1 year high of $87.74.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 22nd. The bank reported $3.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.29 by $0.81. The company had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Canadian Imperial Bank of Commerce had a net margin of 18.39% and a return on equity of 15.92%. During the same quarter in the prior year, the firm earned $3.08 EPS. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 9.16 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in CM. Amundi Pioneer Asset Management Inc. lifted its position in Canadian Imperial Bank of Commerce by 5.8% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 178,392 shares of the bank’s stock valued at $14,104,000 after acquiring an additional 9,859 shares in the last quarter. Fulton Bank N.A. lifted its position in Canadian Imperial Bank of Commerce by 1.4% in the 2nd quarter. Fulton Bank N.A. now owns 21,996 shares of the bank’s stock valued at $1,728,000 after acquiring an additional 314 shares in the last quarter. Zions Bancorporation N.A. lifted its position in Canadian Imperial Bank of Commerce by 9.4% in the 2nd quarter. Zions Bancorporation N.A. now owns 15,611 shares of the bank’s stock valued at $1,226,000 after acquiring an additional 1,343 shares in the last quarter. Townsend & Associates Inc lifted its position in Canadian Imperial Bank of Commerce by 0.7% in the 2nd quarter. Townsend & Associates Inc now owns 24,483 shares of the bank’s stock valued at $1,952,000 after acquiring an additional 161 shares in the last quarter. Finally, Naples Global Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 9.6% in the 2nd quarter. Naples Global Advisors LLC now owns 23,750 shares of the bank’s stock valued at $1,866,000 after acquiring an additional 2,080 shares in the last quarter. 44.92% of the stock is currently owned by institutional investors and hedge funds.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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