Canadian Imperial Bank of Commerce (NYSE:CM) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a buy rating to a hold rating in a research note issued to investors on Monday morning, Zacks.com reports.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

CM has been the topic of several other reports. TD Securities lowered shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Thursday, May 23rd. Barclays lowered shares of Canadian Imperial Bank of Commerce from an overweight rating to an equal weight rating in a report on Tuesday, June 11th. BMO Capital Markets reissued a hold rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 23rd. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Wednesday, May 22nd. Finally, Canaccord Genuity lowered shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating in a report on Thursday, May 23rd. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. The stock has an average rating of Hold and an average price target of $120.00.

CM stock opened at $74.72 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.12. Canadian Imperial Bank of Commerce has a 12 month low of $72.96 and a 12 month high of $96.98. The firm has a market cap of $33.21 billion, a P/E ratio of 8.00, a P/E/G ratio of 7.87 and a beta of 1.17. The company’s 50-day moving average price is $77.53 and its two-hundred day moving average price is $80.77.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Wednesday, May 22nd. The bank reported $2.97 EPS for the quarter, beating the consensus estimate of $2.22 by $0.75. Canadian Imperial Bank of Commerce had a net margin of 18.83% and a return on equity of 16.30%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period last year, the firm earned $2.95 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 9.03 EPS for the current year.

Several institutional investors have recently made changes to their positions in CM. Millennium Management LLC bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth approximately $322,000. Gulf International Bank UK Ltd raised its holdings in Canadian Imperial Bank of Commerce by 2.7% during the first quarter. Gulf International Bank UK Ltd now owns 8,556 shares of the bank’s stock worth $676,000 after purchasing an additional 225 shares in the last quarter. Winslow Evans & Crocker Inc. raised its holdings in Canadian Imperial Bank of Commerce by 49.3% during the first quarter. Winslow Evans & Crocker Inc. now owns 830 shares of the bank’s stock worth $66,000 after purchasing an additional 274 shares in the last quarter. CWM LLC raised 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 purchasing an additional 381 shares in the last quarter. Finally, BB&T Corp raised its holdings in Canadian Imperial Bank of Commerce by 4.1% during the first quarter. BB&T Corp now owns 37,602 shares of the bank’s stock worth $2,973,000 after purchasing an additional 1,489 shares in the last quarter. 45.12% of the stock is currently owned by institutional investors.

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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