Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Lowered by Wall Street Zen

Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a report published on Saturday morning.

A number of other equities analysts have also recently weighed in on the stock. Royal Bank Of Canada upped their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $81.66 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $82.09. The stock has a market cap of $75.91 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.73 and a beta of 1.03. The firm’s fifty day simple moving average is $76.65 and its 200-day simple moving average is $69.44.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. During the same period in the prior year, the company posted $1.93 EPS. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts expect 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 declared a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio is 47.64%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Gradient Investments LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 60.1% during the 3rd quarter. Gradient Investments LLC now owns 16,581 shares of the bank’s stock worth $1,325,000 after acquiring an additional 6,226 shares during the period. Corient Private Wealth LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 38.0% during the 2nd quarter. Corient Private Wealth LLC now owns 13,874 shares of the bank’s stock worth $983,000 after acquiring an additional 3,818 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 137.7% during the 2nd quarter. Osaic Holdings Inc. now owns 30,406 shares of the bank’s stock worth $2,154,000 after acquiring an additional 17,612 shares during the period. Orion Porfolio Solutions LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 11.3% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 18,292 shares of the bank’s stock worth $1,296,000 after acquiring an additional 1,864 shares during the period. Finally, Silverlake Wealth Management LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $253,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.