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

StockNews.com downgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research note released on Saturday morning.

CM has been the subject of a number of other research reports. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating for the company. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.2 %

CM opened at $62.51 on Friday. The stock’s fifty day simple moving average is $59.14 and its 200 day simple moving average is $52.48. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $63.02. The stock has a market cap of $58.95 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter last year, the company posted $1.14 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts expect 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 announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be issued a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Ridgewood Investments LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $29,000. Blue Trust Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake 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 during the period. City State Bank bought a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at approximately $61,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $51,000. Institutional investors and hedge funds 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.