UBS Group Begins Coverage on Canadian Imperial Bank of Commerce (NYSE:CM)

UBS Group began coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a report issued on Tuesday, Marketbeat.com reports. The brokerage issued a neutral rating on the bank’s stock.

A number of other brokerages also recently weighed in on CM. BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an outperform rating in a research note on Friday, May 31st. Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They set an underweight rating for the company. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a report on Monday, June 3rd. Finally, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $67.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $48.46 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $45.70 billion, a PE ratio of 9.97, a price-to-earnings-growth ratio of 1.89 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $51.14. The company has a 50 day moving average price of $48.38 and a two-hundred day moving average price of $47.85.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.07. The business had revenue of $4.54 billion during the quarter, compared to analyst estimates of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.653 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.61 annualized dividend and a dividend yield of 5.39%. Canadian Imperial Bank of Commerce’s payout ratio is 53.70%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in Canadian Imperial Bank of Commerce by 187.3% in the third quarter. Wellington Management Group LLP now owns 266,581 shares of the bank’s stock worth $10,338,000 after purchasing an additional 173,801 shares in the last quarter. American Century Companies Inc. grew its position in Canadian Imperial Bank of Commerce by 8.7% during the 3rd quarter. American Century Companies Inc. now owns 177,501 shares of the bank’s stock worth $6,852,000 after acquiring an additional 14,141 shares during the last quarter. Vanguard Group Inc. increased its holdings in Canadian Imperial Bank of Commerce by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after purchasing an additional 1,395,600 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in Canadian Imperial Bank of Commerce by 177.6% in the third quarter. Public Sector Pension Investment Board now owns 990,605 shares of the bank’s stock worth $38,415,000 after purchasing an additional 633,770 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 47.0% during the fourth quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock worth $3,305,000 after purchasing an additional 21,833 shares during the last quarter. 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.