Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded to Buy by Zacks Investment Research

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $131.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.76% from the stock’s current price.

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 commented on CM. CIBC boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$159.00 to C$168.00 and gave the stock an “outperform” rating in a report on Friday, August 27th. TD Securities upped their target price on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$160.00 and gave the company a “buy” rating in a research note on Friday, August 27th. Barclays increased their price objective on shares of Canadian Imperial Bank of Commerce from $150.00 to $157.00 and gave the stock an “overweight” rating in a research note on Friday, August 13th. Credit Suisse Group upped their target price on shares of Canadian Imperial Bank of Commerce from $149.00 to $156.00 and gave the stock a “neutral” rating in a research report on Friday, August 27th. Finally, BMO Capital Markets upped their target price on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$165.00 and gave the stock an “outperform” rating in a research report on Friday, August 27th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $157.78.

CM traded down $0.46 during trading on Wednesday, reaching $116.18. The company’s stock had a trading volume of 1,516,370 shares, compared to its average volume of 489,860. Canadian Imperial Bank of Commerce has a 52-week low of $72.07 and a 52-week high of $121.11. The company’s fifty day moving average price is $115.68 and its 200-day moving average price is $112.24. The company has a market capitalization of $52.32 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 0.91 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Wednesday, August 25th. The bank reported $3.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.65 by $1.28. The company had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.96 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.40% and a net margin of 26.13%. During the same period in the previous year, the firm posted $2.71 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 11.54 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. O Shaughnessy Asset Management LLC grew its stake in Canadian Imperial Bank of Commerce by 6,770.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 111,233 shares of the bank’s stock valued at $10,881,000 after buying an additional 109,614 shares during the last quarter. Natixis Advisors L.P. grew its stake in Canadian Imperial Bank of Commerce by 6.6% in the 2nd quarter. Natixis Advisors L.P. now owns 18,725 shares of the bank’s stock valued at $2,132,000 after buying an additional 1,153 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at $14,977,000. JPMorgan Chase & Co. grew its stake in Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,089,237 shares of the bank’s stock valued at $237,881,000 after buying an additional 67,502 shares during the last quarter. Finally, Cidel Asset Management Inc. grew its position in Canadian Imperial Bank of Commerce by 15.4% in the 2nd quarter. Cidel Asset Management Inc. now owns 565,107 shares of the bank’s stock worth $64,396,000 after purchasing an additional 75,492 shares during the last quarter. Institutional investors own 42.97% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

Read More: Green Investing

Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.