Barclays Upgrades Canadian Imperial Bank of Commerce (CM) to Overweight

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by research analysts at Barclays from an “underweight” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports.

A number of other equities research analysts have also recently weighed in on CM. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, December 4th. Canaccord Genuity restated a “buy” rating and issued a $121.00 price objective on shares of Canadian Imperial Bank of Commerce in a report on Thursday, November 30th. Macquarie began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, October 24th. They issued an “underperform” rating and a $89.00 price objective on the stock. Credit Suisse Group upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $116.00 to $125.00 in a report on Friday, December 1st. Finally, Scotiabank restated a “hold” rating and issued a $128.00 price objective on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $114.00.

Shares of Canadian Imperial Bank of Commerce (NYSE:CM) traded up $0.94 on Tuesday, reaching $94.51. 387,007 shares of the company’s stock were exchanged, compared to its average volume of 436,739. The stock has a market capitalization of $41,760.00, a PE ratio of 10.90, a PEG ratio of 4.57 and a beta of 1.12. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a twelve month low of $77.20 and a twelve month high of $96.64.

Large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.1% during the third quarter. Canada Pension Plan Investment Board now owns 684,112 shares of the bank’s stock valued at $59,717,000 after buying an additional 20,350 shares during the last quarter. BB&T Securities LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 141.0% during the third quarter. BB&T Securities LLC now owns 41,653 shares of the bank’s stock valued at $3,645,000 after buying an additional 24,373 shares during the last quarter. Korea Investment CORP grew its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during the third quarter. Korea Investment CORP now owns 255,633 shares of the bank’s stock valued at $22,314,000 after buying an additional 10,660 shares during the last quarter. AXA grew its holdings in shares of Canadian Imperial Bank of Commerce by 11.8% during the second quarter. AXA now owns 464,282 shares of the bank’s stock valued at $37,681,000 after buying an additional 48,873 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Canadian Imperial Bank of Commerce by 8.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 168,266 shares of the bank’s stock valued at $13,655,000 after buying an additional 13,818 shares during the last quarter. Hedge funds and other institutional investors own 44.37% of the company’s stock.

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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.