Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a buy rating to a hold rating in a research report report published on Monday, Zacks.com reports.

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. BMO Capital Markets reaffirmed a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 23rd. TD Securities cut shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Thursday, May 23rd. Barclays cut shares of Canadian Imperial Bank of Commerce from an overweight rating to an equal weight rating in a report on Tuesday, June 11th. Canaccord Genuity cut shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Thursday, May 23rd. Finally, Desjardins cut shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. Canadian Imperial Bank of Commerce has a consensus rating of Hold and a consensus target price of $120.00.

NYSE CM opened at $76.44 on Monday. The company has a market capitalization of $32.99 billion, a PE ratio of 8.09, a P/E/G ratio of 7.82 and a beta of 1.17. The company has a fifty day moving average of $77.47 and a 200 day moving average of $80.73. Canadian Imperial Bank of Commerce has a 1 year low of $72.96 and a 1 year high of $96.98. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 22nd. The bank reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a net margin of 18.83% and a return on equity of 16.30%. During the same period in the previous year, the business earned $3.08 earnings per share. Research analysts expect that Canadian Imperial Bank of Commerce will post 9.03 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the company. Magnetar Financial LLC boosted its holdings in Canadian Imperial Bank of Commerce by 30.3% in the 2nd quarter. Magnetar Financial LLC now owns 15,254 shares of the bank’s stock valued at $1,198,000 after purchasing an additional 3,548 shares during the last quarter. Private Capital Group LLC boosted its holdings in Canadian Imperial Bank of Commerce by 116.9% in the 2nd quarter. Private Capital Group LLC now owns 616 shares of the bank’s stock valued at $54,000 after purchasing an additional 332 shares during the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 26.7% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 225,996 shares of the bank’s stock valued at $17,754,000 after purchasing an additional 47,604 shares during the last quarter. Summit Global Investments boosted its holdings in Canadian Imperial Bank of Commerce by 15.2% in the 2nd quarter. Summit Global Investments now owns 8,290 shares of the bank’s stock valued at $651,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 3.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 10,841 shares of the bank’s stock valued at $852,000 after purchasing an additional 373 shares during the last quarter. 45.12% of the stock is owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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