Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a report published on Friday.

Separately, Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Down 3.6 %

Shares of NYSE:CM opened at $56.79 on Friday. The firm has a market cap of $53.39 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.62 and a beta of 0.98. Canadian Imperial Bank of Commerce has a 12-month low of $46.50 and a 12-month high of $67.45. The business has a fifty day simple moving average of $59.43 and a 200 day simple moving average of $61.92. 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 Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be issued a $0.6723 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.74%. Canadian Imperial Bank of Commerce’s payout ratio is currently 48.03%.

Institutional Trading of Canadian Imperial Bank of Commerce

Several hedge funds have recently modified their holdings of CM. Crews Bank & Trust bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at $25,000. Operose Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. bought a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $30,000. Sandy Spring Bank acquired a new position in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $32,000. Finally, IFP Advisors Inc boosted its holdings in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after acquiring an additional 404 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

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.