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

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

A number of other equities research analysts also recently commented on CM. BMO Capital Markets lifted their target price 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. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Finally, UBS Group started coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.4 %

NYSE CM traded up $0.26 during trading on Tuesday, hitting $60.08. The company’s stock had a trading volume of 738,683 shares, compared to its average volume of 1,453,723. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $56.65 billion, a PE ratio of 12.36, a P/E/G ratio of 1.86 and a beta of 1.07. The business’s 50 day simple moving average is $56.72 and its 200-day simple moving average is $51.60. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $62.67.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter last year, the company earned $1.14 earnings per share. The company’s quarterly revenue was up 12.9% on a year-over-year basis. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Institutional Trading of Canadian Imperial Bank of Commerce

Institutional investors and hedge funds have recently made changes to their positions in the business. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $51,000. Massmutual Trust Co. FSB ADV increased its position in shares of 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 valued at $56,000 after buying an additional 171 shares in the last quarter. Ninepoint Partners LP acquired a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $97,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $175,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

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.