Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of “Moderate Buy” by Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has earned an average rating of “Moderate Buy” from the seven brokerages that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $92.00.

A number of research firms have recently weighed in on CM. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday, April 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They set a “sector outperform” rating on the stock.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its stake in Canadian Imperial Bank of Commerce by 1,036.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,048,200 shares of the bank’s stock valued at $58,942,000 after acquiring an additional 956,000 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 64.4% during the 1st quarter. Intech Investment Management LLC now owns 275,959 shares of the bank’s stock worth $15,521,000 after purchasing an additional 108,110 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its stake in shares of Canadian Imperial Bank of Commerce by 1,784.1% during the 1st quarter. Zurich Insurance Group Ltd FI now owns 685,827 shares of the bank’s stock worth $38,622,000 after purchasing an additional 649,427 shares during the last quarter. Sciencast Management LP acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth about $546,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 405.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock worth $292,032,000 after purchasing an additional 4,160,938 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $68.15 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a fifty-two week low of $46.99 and a fifty-two week high of $68.35. The stock has a market cap of $64.07 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06. The firm’s fifty day simple moving average is $60.48 and its 200-day simple moving average is $61.87.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Friday, March 28th were paid a $0.6723 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 3.95%. Canadian Imperial Bank of Commerce’s payout ratio is 48.03%.

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.