Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Recommendation of “Moderate Buy” by Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has earned an average recommendation of “Moderate Buy” from the eight ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $81.00.

Several brokerages recently issued reports on CM. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Finally, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in CM. Ridgewood Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. Blue Trust Inc. raised its stake in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after acquiring an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares in the last quarter. City State Bank bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $61,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $51,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $63.20 on Tuesday. The company’s 50 day moving average is $60.92 and its 200-day moving average is $53.41. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $59.70 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 1.89 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $37.25 and a 12-month high of $63.75.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the prior year, the company posted $1.14 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

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.