Canadian Imperial Bank of Commerce’s (CM) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a report published on Friday,Benzinga reports. The firm currently has a $97.00 price target on the bank’s stock, up from their prior price target of $74.00.

Several other research analysts have also issued reports on CM. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.00.

Canadian Imperial Bank of Commerce Stock Up 0.1 %

Shares of NYSE:CM opened at $66.66 on Friday. The firm has a market cap of $62.97 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.67 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $42.28 and a 12-month high of $67.14. The business has a fifty day simple moving average of $63.10 and a 200 day simple moving average of $56.16.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be issued a $0.6912 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s payout ratio is 49.91%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $29,000. BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce in the third quarter worth $44,000. Blue Trust Inc. grew its position in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Canadian Imperial Bank of Commerce in the second quarter worth $51,000. Finally, Massmutual Trust Co. FSB ADV grew its position in Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after acquiring an additional 171 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other 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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.