Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded to “Buy” at Bank of America

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Briefing.com reports.

Several other research analysts have also commented on CM. BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, May 31st. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $57.53 on Friday. The stock has a fifty day moving average price of $50.35 and a 200 day moving average price of $49.10. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $58.02. The firm has a market capitalization of $54.25 billion, a P/E ratio of 11.84, a PEG ratio of 1.99 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The company had revenue of $4.54 billion during the quarter, compared to the consensus estimate of $4.48 billion. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently made changes to their positions in CM. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $404,008,000. Toronto Dominion Bank increased its stake in Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares during the period. National Bank of Canada FI raised its position in shares of Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after buying an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after acquiring an additional 3,143,734 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Canadian Imperial Bank of Commerce by 94.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after acquiring an additional 2,952,277 shares in the last quarter. 49.88% of the stock is owned by 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.