Canadian Imperial Bank of Commerce (NYSE:CM) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Canadian Imperial Bank of Commerce (NYSE:CMGet Free Report) (TSE:CM) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $67.00.

Several research analysts recently issued reports on CM shares. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Scotiabank raised Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a research report on Tuesday, February 20th. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. Jefferies Financial Group began coverage on Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They set a “buy” rating for the company. Finally, Barclays started coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating on the stock.

Read Our Latest Research Report on Canadian Imperial Bank of Commerce

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently bought and sold shares of CM. Norges Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $404,008,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Canadian Imperial Bank of Commerce by 94.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock valued at $292,949,000 after acquiring an additional 2,952,277 shares during the last quarter. TD Asset Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 13.8% during the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after acquiring an additional 2,730,076 shares during the period. FIL Ltd increased its stake in shares of Canadian Imperial Bank of Commerce by 218.0% during the 4th quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock worth $153,841,000 after purchasing an additional 2,190,378 shares during the last quarter. Finally, Mufg Securities Canada LTD. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $94,373,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $48.70 on Friday. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 1.92 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $51.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The stock’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $47.26.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be issued a $0.653 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.36%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.53%.

Canadian Imperial Bank of Commerce Company Profile

(Get Free Report

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.

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Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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