Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Upgraded by Royal Bank of Canada

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Wednesday, Marketbeat reports.

Separately, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $62.61 on Wednesday. The company has a market capitalization of $59.00 billion, a PE ratio of 11.70, a P/E/G 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 stock has a 50-day moving average price of $64.39 and a two-hundred day moving average price of $58.63. Canadian Imperial Bank of Commerce has a 12 month low of $43.86 and a 12 month high of $67.45.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently bought and sold shares of CM. Massmutual Trust Co. FSB ADV raised its position in shares of Canadian Imperial Bank of Commerce by 23.1% in the 3rd 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. PDS Planning Inc increased its holdings in Canadian Imperial Bank of Commerce by 4.7% in the third quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock worth $305,000 after purchasing an additional 224 shares in the last quarter. MML Investors Services LLC lifted its stake in Canadian Imperial Bank of Commerce by 0.5% in the third quarter. MML Investors Services LLC now owns 44,008 shares of the bank’s stock valued at $2,699,000 after buying an additional 237 shares during the period. Prospera Private Wealth LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.2% during the 3rd quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock worth $643,000 after buying an additional 330 shares in the last quarter. Finally, First Bank & Trust grew its position in shares of Canadian Imperial Bank of Commerce by 0.8% during the 3rd quarter. First Bank & Trust now owns 41,646 shares of the bank’s stock worth $2,555,000 after buying an additional 351 shares during the period. 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.