Canadian Imperial Bank of Commerce (NYSE:CM) Lowered to Sell at StockNews.com

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a report released on Thursday.

A number of other analysts also recently issued reports on CM. BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an outperform rating in a report on Friday, May 31st. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a research report on Monday, June 3rd. Jefferies Financial Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, February 22nd. They set a buy rating for the company. Finally, Barclays initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, March 20th. They set an underweight rating for the company. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $67.00.

Canadian Imperial Bank of Commerce Stock Down 0.9 %

Shares of NYSE CM opened at $47.42 on Thursday. The company has a 50 day simple moving average of $48.29 and a 200-day simple moving average of $47.53. The company has a market capitalization of $44.71 billion, a P/E ratio of 9.76, a P/E/G ratio of 1.89 and a beta of 1.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $51.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be given a $0.653 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.61 annualized dividend and a yield of 5.51%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.53%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS Group AG raised its holdings in shares of Canadian Imperial Bank of Commerce by 5.5% in the 3rd quarter. UBS Group AG now owns 300,137 shares of the bank’s stock valued at $11,588,000 after purchasing an additional 15,773 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $1,829,000. Envestnet Asset Management Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 22.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 862,027 shares of the bank’s stock valued at $33,283,000 after purchasing an additional 156,558 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.9% in the 3rd quarter. Invesco Ltd. now owns 2,155,029 shares of the bank’s stock valued at $83,206,000 after purchasing an additional 40,012 shares in the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 3.1% in the 3rd quarter. LPL Financial LLC now owns 540,443 shares of the bank’s stock valued at $20,867,000 after purchasing an additional 16,428 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.