Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Lowered by TD Securities

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) was downgraded by equities researchers at TD Securities from a “buy” rating to a “hold” rating in a research note issued on Tuesday, The Fly reports. They currently have a C$65.00 price target on the bank’s stock, down from their prior price target of C$74.00.

Other equities research analysts have also issued research reports about the company. Desjardins cut their target price on Canadian Imperial Bank of Commerce from C$74.00 to C$73.00 and set a “hold” rating on the stock in a research report on Monday, August 29th. National Bank Financial lowered their target price on Canadian Imperial Bank of Commerce from C$84.00 to C$83.00 in a research note on Tuesday, August 16th. CIBC lifted their target price on Canadian Imperial Bank of Commerce from C$77.00 to C$79.00 and gave the company an “outperform” rating in a research note on Friday, August 26th. Finally, StockNews.com began coverage on Canadian Imperial Bank of Commerce in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $81.58.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $47.47 on Tuesday. Canadian Imperial Bank of Commerce has a 1-year low of $39.72 and a 1-year high of $66.24. The stock’s 50-day moving average is $45.32 and its 200 day moving average is $49.41. The company has a market cap of $42.97 billion, a P/E ratio of 8.66, a PEG ratio of 2.65 and a beta of 0.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.03 and a quick ratio of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last issued its quarterly earnings results on Thursday, August 25th. The bank reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.05. The business had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.27 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.82% and a net margin of 24.18%. Research analysts predict that Canadian Imperial Bank of Commerce will post 5.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Signaturefd LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 9.7% during the 1st quarter. Signaturefd LLC now owns 6,860 shares of the bank’s stock valued at $835,000 after buying an additional 608 shares in the last quarter. Atria Investments LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth $1,155,000. DAVENPORT & Co LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 12.9% in the 1st quarter. DAVENPORT & Co LLC now owns 15,815 shares of the bank’s stock worth $1,925,000 after buying an additional 1,813 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 4.3% during the 1st quarter. Verdence Capital Advisors LLC now owns 6,328 shares of the bank’s stock valued at $770,000 after purchasing an additional 259 shares during the last quarter. Finally, CENTRAL TRUST Co purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at $55,000. 44.32% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile

(Get Rating)

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 Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Read More

The Fly logo

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.