Canadian Imperial Bank of Commerce (NYSE:CM) Receives “Hold” Rating from Canaccord Genuity

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)‘s stock had its “hold” rating reiterated by research analysts at Canaccord Genuity in a research report issued on Wednesday, TipRanks reports. They currently have a $162.00 price objective on the bank’s stock. Canaccord Genuity’s price target indicates a potential upside of 37.71% from the company’s previous close.

CM has been the subject of a number of other research reports. Credit Suisse Group increased their price objective on Canadian Imperial Bank of Commerce from $149.00 to $156.00 and gave the stock a “neutral” rating in a report on Friday, August 27th. Desjardins increased their price objective on Canadian Imperial Bank of Commerce from C$150.00 to C$154.00 and gave the stock a “hold” rating in a report on Monday, August 30th. Barclays raised their price target on Canadian Imperial Bank of Commerce from $150.00 to $157.00 and gave the company an “overweight” rating in a report on Friday, August 13th. Scotiabank raised their price target on Canadian Imperial Bank of Commerce from C$166.00 to C$168.00 and gave the company an “outperform” rating in a report on Friday, August 27th. Finally, BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from C$160.00 to C$165.00 and gave the company an “outperform” rating in a report on Friday, August 27th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $158.22.

CM traded down $0.02 during trading on Wednesday, reaching $117.64. The stock had a trading volume of 203,219 shares, compared to its average volume of 488,920. The stock’s 50 day moving average is $117.54 and its two-hundred day moving average is $116.22. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $53.04 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 0.93 and a beta of 1.11. Canadian Imperial Bank of Commerce has a one year low of $83.93 and a one year high of $123.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Wednesday, August 25th. The bank reported $3.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.65 by $1.28. The business 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 quarter in the prior year, the company earned $2.71 earnings per share. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post 11.54 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV boosted its position in Canadian Imperial Bank of Commerce by 732.6% in the third quarter. Massmutual Trust Co. FSB ADV now owns 358 shares of the bank’s stock worth $40,000 after purchasing an additional 315 shares during the last quarter. Capital Analysts LLC boosted its position in Canadian Imperial Bank of Commerce by 35.4% in the second quarter. Capital Analysts LLC now owns 363 shares of the bank’s stock worth $41,000 after purchasing an additional 95 shares during the last quarter. Tower View Investment Management & Research LLC purchased a new position in Canadian Imperial Bank of Commerce in the third quarter worth about $45,000. Huntington National Bank boosted its position in Canadian Imperial Bank of Commerce by 1,230.0% in the third quarter. Huntington National Bank now owns 532 shares of the bank’s stock worth $59,000 after purchasing an additional 492 shares during the last quarter. Finally, Arkadios Wealth Advisors boosted its position in Canadian Imperial Bank of Commerce by 214.5% in the second quarter. Arkadios Wealth Advisors now owns 544 shares of the bank’s stock worth $61,000 after purchasing an additional 371 shares during the last quarter. Institutional investors own 42.89% of the company’s stock.

About Canadian Imperial Bank of Commerce

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.

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

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