Canadian Imperial Bank of Commerce (CM) Cut to Hold at Canaccord Genuity

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Canaccord Genuity cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a buy rating to a hold rating in a research note published on Thursday morning, The Fly reports.

CM has been the topic of several other reports. Zacks Investment Research upgraded Canadian Imperial Bank of Commerce from a sell rating to a hold rating in a research report on Wednesday, May 1st. ValuEngine upgraded Canadian Imperial Bank of Commerce from a sell rating to a hold rating in a research report on Tuesday, February 5th. TD Securities lowered Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a research report on Thursday. Desjardins lowered Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a research report on Wednesday, May 22nd. Finally, Scotiabank restated an average rating and issued a $126.00 price target on shares of Canadian Imperial Bank of Commerce in a research report on Friday, February 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $123.83.

Shares of CM opened at $77.84 on Thursday. Canadian Imperial Bank of Commerce has a 52 week low of $72.96 and a 52 week high of $96.98. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market capitalization of $34.57 billion, a price-to-earnings ratio of 8.33, a PEG ratio of 5.11 and a beta of 1.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Wednesday, May 22nd. The bank reported $2.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.22 by $0.75. Canadian Imperial Bank of Commerce had a return on equity of 16.17% and a net margin of 19.44%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period last year, the company earned $2.95 EPS. Analysts forecast that Canadian Imperial Bank of Commerce will post 9.14 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, June 27th. This represents a $4.16 annualized dividend and a yield of 5.34%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 45.50%.

Hedge funds have recently bought and sold shares of the business. Liberty Wealth Management LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth about $31,000. Heritage Wealth Advisors bought a new position in Canadian Imperial Bank of Commerce during the first quarter worth about $31,000. CWM LLC lifted its holdings in Canadian Imperial Bank of Commerce by 1,524.0% during the first quarter. CWM LLC now owns 406 shares of the bank’s stock worth $32,000 after acquiring an additional 381 shares in the last quarter. Advisory Services Network LLC lifted its holdings in Canadian Imperial Bank of Commerce by 108.0% during the fourth quarter. Advisory Services Network LLC now owns 443 shares of the bank’s stock worth $33,000 after acquiring an additional 230 shares in the last quarter. Finally, Capital Investment Advisory Services LLC bought a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 45.93% 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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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The Fly

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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