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

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

Separately, Royal Bank of Canada restated a “sector perform” rating and issued a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $89.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $63.17 on Monday. Canadian Imperial Bank of Commerce has a twelve month low of $43.86 and a twelve month high of $67.45. The company has a market capitalization of $59.53 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $64.40 and a 200-day simple moving average of $58.53.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.38%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is 53.46%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at about $44,000. Versant Capital Management Inc boosted its holdings in Canadian Imperial Bank of Commerce by 1,069.4% during the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after buying an additional 663 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after buying an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in shares of 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 during the last quarter. Finally, City State Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $61,000. 49.88% of the stock is owned by 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.