Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded 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 note released on Saturday.

Several other research firms have also recently issued reports on CM. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. BMO Capital Markets increased their price objective on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a “neutral” rating for the company. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.0 %

Shares of NYSE CM opened at $62.66 on Friday. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $63.02. The company has a 50-day moving average of $58.68 and a two-hundred day moving average of $52.28. The company has a market cap of $59.09 billion, a PE ratio of 12.89, a P/E/G ratio of 1.82 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. Canadian Imperial Bank of Commerce’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.14 EPS. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.16%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.73%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in CM. Allspring Global Investments Holdings LLC acquired a new position in Canadian Imperial Bank of Commerce in the third quarter valued at about $4,741,000. Blue Trust Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% during 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 in the last quarter. Bleakley Financial Group LLC grew its position in shares of Canadian Imperial Bank of Commerce by 7.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 6,908 shares of the bank’s stock valued at $424,000 after purchasing an additional 460 shares during the period. Sunpointe LLC bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $226,000. Finally, Nexus Investment Management ULC raised its holdings in Canadian Imperial Bank of Commerce by 0.6% during the 3rd quarter. Nexus Investment Management ULC now owns 73,502 shares of the bank’s stock worth $4,514,000 after buying an additional 472 shares during the period. Institutional investors own 49.88% of the company’s stock.

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.