StockNews.com Downgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Sell

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Several other research firms have also recently commented on CM. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $58.47 on Tuesday. Canadian Imperial Bank of Commerce has a twelve month low of $46.50 and a twelve month high of $67.45. The stock has a 50-day simple moving average of $58.08 and a 200 day simple moving average of $61.55. The stock has a market capitalization of $54.97 billion, a PE ratio of 10.93, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently modified their holdings of CM. PDS Planning Inc raised its holdings in Canadian Imperial Bank of Commerce by 3.8% during the 4th quarter. PDS Planning Inc now owns 5,167 shares of the bank’s stock worth $327,000 after buying an additional 189 shares during the period. Gradient Investments LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.4% during the first quarter. Gradient Investments LLC now owns 8,278 shares of the bank’s stock worth $466,000 after acquiring an additional 191 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock valued at $255,000 after acquiring an additional 194 shares in the last quarter. Mesirow Financial Investment Management Inc. boosted its stake in Canadian Imperial Bank of Commerce by 0.7% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 33,094 shares of the bank’s stock worth $2,092,000 after purchasing an additional 222 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Canadian Imperial Bank of Commerce by 27.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 1,161 shares of the bank’s stock worth $73,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

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.