Canadian Imperial Bank of Commerce (NYSE:CM) Raised to Overweight at Barclays

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by stock analysts at Barclays from an “underweight” rating to an “overweight” rating in a note issued to investors on Thursday, Marketbeat reports.

A number of other research analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.5%

Shares of NYSE CM opened at $99.56 on Thursday. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $99.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The business’s 50 day moving average is $93.41 and its two-hundred day moving average is $85.34. The stock has a market capitalization of $92.25 billion, a P/E ratio of 16.35, a PEG ratio of 1.28 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the business earned $1.91 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently made changes to their positions in the company. Compound Planning Inc. boosted its position in Canadian Imperial Bank of Commerce by 11.9% during the 4th quarter. Compound Planning Inc. now owns 13,814 shares of the bank’s stock valued at $1,252,000 after acquiring an additional 1,465 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 8.3% during the 4th quarter. Corient Private Wealth LLC now owns 15,726 shares of the bank’s stock worth $1,425,000 after purchasing an additional 1,209 shares during the last quarter. Strive Financial Group LLC bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at about $178,000. Mercer Global Advisors Inc. ADV boosted its position in Canadian Imperial Bank of Commerce by 17.4% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 11,045 shares of the bank’s stock valued at $1,001,000 after purchasing an additional 1,637 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in Canadian Imperial Bank of Commerce by 97.1% in the fourth quarter. Vident Advisory LLC now owns 9,153 shares of the bank’s stock valued at $829,000 after purchasing an additional 4,509 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.