Canaccord Genuity Group Issues Positive Forecast for Canadian Imperial Bank of Commerce (TSE:CM) Stock Price

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) had its price target increased by equities researchers at Canaccord Genuity Group from C$168.00 to C$169.00 in a report issued on Friday,BayStreet.CA reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 6.87% from the stock’s previous close.

CM has been the subject of several other research reports. National Bank Financial set a C$180.00 price objective on Canadian Imperial Bank of Commerce and gave the company a “sector perform” rating in a report on Monday. Scotiabank upped their price target on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a “sector perform” rating in a report on Tuesday, June 16th. TD raised their price objective on shares of Canadian Imperial Bank of Commerce from C$163.00 to C$175.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from C$167.00 to C$176.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating and raised their target price for the stock from C$160.00 to C$173.00 in a report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$167.71.

Canadian Imperial Bank of Commerce Trading Down 0.6%

CM traded down C$1.03 on Friday, reaching C$158.13. The company had a trading volume of 863,331 shares, compared to its average volume of 2,505,650. The company has a market capitalization of C$144.34 billion, a P/E ratio of 15.69, a PEG ratio of 3.03 and a beta of 1.40. The company has a fifty day moving average of C$164.90 and a 200-day moving average of C$151.12. Canadian Imperial Bank of Commerce has a one year low of C$105.01 and a one year high of C$172.87.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, August 27th. The company reported C$2.73 EPS for the quarter. The company had revenue of C$8.37 billion for the quarter. Canadian Imperial Bank of Commerce had a net margin of 18.44% and a return on equity of 15.24%. Research analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current year.

Insiders Place Their Bets

In other news, insider Stephen Alan Scholtz sold 6,000 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of C$162.70, for a total value of C$976,200.00. Also, insider Amy Florence South sold 1,086 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of C$162.15, for a total transaction of C$176,094.90. In the last ninety days, insiders sold 17,776 shares of company stock worth $2,817,744. 0.02% of the stock is currently owned by company insiders.

Canadian Imperial Bank of Commerce Company Profile

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.