Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded by StockNews.com to Hold Rating

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.

Separately, Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $59.97 on Tuesday. The company has a market capitalization of $56.52 billion, a price-to-earnings ratio of 11.21, a PEG ratio of 1.66 and a beta of 1.05. Canadian Imperial Bank of Commerce has a twelve month low of $43.86 and a twelve month high of $67.45. The stock has a fifty day simple moving average of $64.05 and a 200 day simple moving average of $60.46. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently modified their holdings of the company. Pinnacle Financial Partners Inc raised its position in Canadian Imperial Bank of Commerce by 0.3% during the 4th quarter. Pinnacle Financial Partners Inc now owns 207,548 shares of the bank’s stock worth $13,123,000 after buying an additional 539 shares during the last quarter. Alberta Investment Management Corp lifted its holdings in Canadian Imperial Bank of Commerce by 74.4% in the 4th quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after purchasing an additional 671,028 shares in the last quarter. Lorne Steinberg Wealth Management Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 161,334 shares of the bank’s stock valued at $10,195,000 after purchasing an additional 1,740 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Canadian Imperial Bank of Commerce by 255.6% during the 4th quarter. Allworth Financial LP now owns 1,120 shares of the bank’s stock worth $71,000 after acquiring an additional 805 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Canadian Imperial Bank of Commerce by 12.6% during the 4th quarter. Rhumbline Advisers now owns 3,622 shares of the bank’s stock worth $229,000 after acquiring an additional 404 shares during the period. 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.