Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded at Barclays

Barclays upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from an underweight rating to an overweight rating in a research report released on Thursday, Marketbeat reports.

A number of other equities research analysts also recently weighed in on the company. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating for the company. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $99.56 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $99.62. The firm’s 50-day simple moving average is $93.41 and its 200-day simple moving average is $85.43. The firm has a market cap of $92.25 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company earned $1.91 earnings per share. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were given a $1.07 dividend. The ex-dividend date was Monday, December 29th. This represents a $4.28 annualized dividend and a yield of 4.3%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is 50.25%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 43,097,841 shares of the bank’s stock worth $3,907,078,000 after buying an additional 876,974 shares during the period. TD Asset Management Inc boosted its position in Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock worth $1,818,556,000 after acquiring an additional 249,722 shares during the period. Canerector Inc. boosted its position in Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock worth $1,776,913,000 after acquiring an additional 22,042,000 shares during the period. FIL Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after purchasing an additional 2,643,495 shares in the last quarter. Finally, Cibc World Market Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 1.3% during the fourth quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock valued at $1,088,243,000 after purchasing an additional 158,634 shares during the period. Institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.