Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded to “Hold” at Wall Street Zen

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

Other research analysts have also recently issued reports about the stock. Scotiabank started coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a “sector outperform” rating for the company. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Finally, Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $72.64 on Friday. Canadian Imperial Bank of Commerce has a 12 month low of $50.49 and a 12 month high of $74.63. The stock has a market cap of $67.67 billion, a price-to-earnings ratio of 12.77, a PEG ratio of 1.56 and a beta of 1.06. The stock’s 50 day moving average price is $71.06 and its 200 day moving average price is $64.38. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. The business’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.75 EPS. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $3,271,000. Cetera Investment Advisers increased its holdings in Canadian Imperial Bank of Commerce by 1.0% in the 2nd quarter. Cetera Investment Advisers now owns 27,792 shares of the bank’s stock valued at $1,969,000 after buying an additional 268 shares during the period. Creative Planning increased its holdings in Canadian Imperial Bank of Commerce by 19.0% in the 2nd quarter. Creative Planning now owns 80,695 shares of the bank’s stock valued at $5,716,000 after buying an additional 12,896 shares during the period. Cherokee Insurance Co bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $1,308,000. Finally, Geode Capital Management LLC increased its holdings in Canadian Imperial Bank of Commerce by 19.7% in the 2nd quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock valued at $542,697,000 after buying an additional 1,244,271 shares during the period. Institutional investors and hedge funds 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.