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

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 research analysts have also recently weighed in on CM. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 18th. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “mkt perform” rating in a research report on Friday, February 24th. Finally, Credit Suisse Group AG upgraded shares of Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research report on Friday, March 31st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus target price of $101.44.

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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) traded up 0.27% on Friday, hitting $78.29. The stock had a trading volume of 769,025 shares. Canadian Imperial Bank of Commerce has a 52 week low of $72.62 and a 52 week high of $92.22. The company has a market capitalization of $31.28 billion, a price-to-earnings ratio of 9.06 and a beta of 1.06. The company has a 50-day moving average of $81.19 and a 200 day moving average of $83.64.

Canadian Imperial Bank of Commerce (NYSE:CM) last released its quarterly earnings data on Thursday, February 23rd. The bank reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 22.84% and a return on equity of 19.11%. The company had revenue of $3.15 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter in the previous year, the company earned $2.55 earnings per share. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post $7.93 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th will be paid a dividend of $0.9406 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend is Monday, June 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 45.28%.

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A number of institutional investors have recently modified their holdings of CM. Lincluden Management Ltd. increased its position in shares of Canadian Imperial Bank of Commerce by 25.9% in the first quarter. Lincluden Management Ltd. now owns 406,273 shares of the bank’s stock worth $34,980,000 after buying an additional 83,525 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of Canadian Imperial Bank of Commerce by 10.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 15,735 shares of the bank’s stock worth $1,353,000 after buying an additional 1,535 shares during the period. HighTower Advisors LLC increased its position in shares of Canadian Imperial Bank of Commerce by 256.0% in the first quarter. HighTower Advisors LLC now owns 45,155 shares of the bank’s stock worth $3,897,000 after buying an additional 32,470 shares during the period. Jane Street Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 52.4% in the first quarter. Jane Street Group LLC now owns 28,347 shares of the bank’s stock worth $2,443,000 after buying an additional 9,750 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 0.3% in the first quarter. AQR Capital Management LLC now owns 1,693,780 shares of the bank’s stock worth $145,635,000 after buying an additional 5,413 shares during the period. 53.01% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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