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

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

Separately, Royal Bank of Canada reiterated a “sector perform” rating and set a $97.00 price target (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $63.23 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52 week low of $43.86 and a 52 week high of $67.45. The firm’s 50 day moving average is $64.39 and its two-hundred day moving average is $58.67. The firm has a market capitalization of $59.59 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.78 and a beta of 1.06.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a dividend of $0.6912 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 dividend on an annualized basis and a yield of 4.37%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 53.46%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently made changes to their positions in CM. BNP Paribas Financial Markets acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $44,000. Blue Trust Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after purchasing an additional 663 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after purchasing an additional 171 shares during the last quarter. Finally, City State Bank acquired a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth $61,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

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.