Canadian Imperial Bank of Commerce (NYSE:CM) Coverage Initiated at Raymond James Financial

Equities researchers at Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage set a “market perform” rating on the bank’s stock.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $85.64 on Tuesday. The company’s fifty day moving average price is $82.52 and its 200-day moving average price is $75.62. The stock has a market cap of $79.54 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.76 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $87.37.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. During the same period last year, the business earned $1.93 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently modified their holdings of CM. Allianz Asset Management GmbH lifted its holdings in shares of Canadian Imperial Bank of Commerce by 13.7% during the first quarter. Allianz Asset Management GmbH now owns 78,376 shares of the bank’s stock valued at $4,408,000 after purchasing an additional 9,426 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter worth about $328,000. Cetera Investment Advisers lifted its stake in Canadian Imperial Bank of Commerce by 1.4% during the 1st quarter. Cetera Investment Advisers now owns 27,524 shares of the bank’s stock valued at $1,550,000 after acquiring an additional 369 shares during the period. HB Wealth Management LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 45.1% during the 1st quarter. HB Wealth Management LLC now owns 5,227 shares of the bank’s stock valued at $294,000 after acquiring an additional 1,624 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.1% during the 1st quarter. Federated Hermes Inc. now owns 988,399 shares of the bank’s stock valued at $55,647,000 after acquiring an additional 29,387 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

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.