Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded to “Hold” at StockNews.com

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

Several other analysts have also weighed in on CM. Royal Bank of Canada reiterated a “sector perform” rating and set a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $89.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM traded up $0.13 during mid-day trading on Friday, hitting $66.71. The stock had a trading volume of 1,114,515 shares, compared to its average volume of 1,365,623. Canadian Imperial Bank of Commerce has a fifty-two week low of $42.28 and a fifty-two week high of $67.14. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $63.01 billion, a PE ratio of 13.11, a PEG ratio of 1.67 and a beta of 1.06. The company’s fifty day simple moving average is $62.99 and its two-hundred day simple moving average is $55.94.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Ridgewood Investments LLC bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $29,000. BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce during the third quarter worth about $44,000. Blue Trust Inc. raised its position in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares in the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $51,000. Finally, Massmutual Trust Co. FSB ADV boosted 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 purchasing an additional 171 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce

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.