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

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

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

Canadian Imperial Bank of Commerce Trading Up 0.3%

Shares of Canadian Imperial Bank of Commerce stock opened at $96.79 on Thursday. The firm has a 50-day simple moving average of $93.17 and a two-hundred day simple moving average of $85.06. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $98.50. The company has a market cap of $89.69 billion, a P/E ratio of 15.89, a price-to-earnings-growth ratio of 1.28 and a beta of 1.02.

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

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in CM. American Century Companies Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 10.8% during the second quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock worth $24,772,000 after buying an additional 33,908 shares in the last quarter. Legal & General Group Plc raised its holdings in Canadian Imperial Bank of Commerce by 4.4% in the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock valued at $438,056,000 after acquiring an additional 262,675 shares in the last quarter. Westerkirk Capital Inc. purchased a new position in Canadian Imperial Bank of Commerce in the second quarter worth approximately $3,379,000. AGF Management Ltd. grew its holdings in Canadian Imperial Bank of Commerce by 15.2% during the 2nd quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock worth $62,908,000 after acquiring an additional 116,190 shares in the last quarter. Finally, Cumberland Partners Ltd grew its holdings in Canadian Imperial Bank of Commerce by 50.0% during the 2nd quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock worth $1,021,000 after acquiring an additional 4,800 shares in 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.