Canadian Imperial Bank of Commerce (TSE:CM) Upgraded to Buy by Bank of America

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, BayStreet.CA reports. The firm presently has a C$90.00 target price on the stock, up from their prior target price of C$74.00. Bank of America‘s target price points to a potential upside of 14.65% from the company’s previous close.

CM has been the subject of a number of other reports. UBS Group set a C$70.00 price target on shares of Canadian Imperial Bank of Commerce and gave the company a “neutral” rating in a research report on Tuesday, July 2nd. National Bankshares boosted their target price on Canadian Imperial Bank of Commerce from C$78.00 to C$86.00 and gave the company an “outperform” rating in a research report on Friday. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Monday, June 3rd. Canaccord Genuity Group lifted their target price on Canadian Imperial Bank of Commerce from C$74.00 to C$75.00 in a research report on Tuesday, August 13th. Finally, Cormark set a C$72.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock a “market perform” rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average target price of C$77.50.

Canadian Imperial Bank of Commerce Trading Up 1.2 %

CM stock traded up C$0.95 during midday trading on Friday, hitting C$78.50. 1,833,198 shares of the company’s stock were exchanged, compared to its average volume of 3,686,590. Canadian Imperial Bank of Commerce has a 1-year low of C$47.44 and a 1-year high of C$79.62. The stock has a market capitalization of C$74.03 billion, a PE ratio of 11.98, a P/E/G ratio of 3.01 and a beta of 1.12. The business has a 50-day simple moving average of C$69.01 and a two-hundred day simple moving average of C$67.04.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last released its quarterly earnings results on Thursday, May 30th. The company reported C$1.75 earnings per share for the quarter, topping analysts’ consensus estimates of C$1.66 by C$0.09. The business had revenue of C$6.16 billion during the quarter, compared to analysts’ expectations of C$6.11 billion. Canadian Imperial Bank of Commerce had a return on equity of 11.92% and a net margin of 29.25%. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 7.3207171 EPS for the current fiscal year.

Insider Activity at Canadian Imperial Bank of Commerce

In other news, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of C$67.50, for a total transaction of C$1,605,285.00. In other Canadian Imperial Bank of Commerce news, Senior Officer John Hountalas sold 20,808 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of C$65.97, for a total value of C$1,372,672.55. Also, Senior Officer Christina Charlotte Kramer sold 23,782 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of C$67.50, for a total value of C$1,605,285.00. 0.02% of the stock is currently owned by corporate insiders.

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.