Canadian Imperial Bank of Commerce (NYSE:CM) Now Covered by Analysts at Scotiabank

Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note released on Thursday morning, MarketBeat.com reports. The brokerage issued a sector outperform rating on the bank’s stock.

Other equities analysts have also issued research reports about the company. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Jefferies Financial Group cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, April 21st. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.8%

CM stock opened at $66.27 on Thursday. The firm has a market cap of $62.30 billion, a PE ratio of 12.39, a PEG ratio of 1.62 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $46.99 and a one year high of $67.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm’s 50 day moving average price is $59.39 and its 200-day moving average price is $61.72.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were paid a $0.6723 dividend. The ex-dividend date was Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.06%. Canadian Imperial Bank of Commerce’s payout ratio is presently 48.03%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $570,477,000. Capital International Investors acquired a new stake in Canadian Imperial Bank of Commerce during the 4th quarter worth approximately $424,386,000. FIL Ltd boosted its position in Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock valued at $783,613,000 after buying an additional 4,321,451 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock worth $292,032,000 after acquiring an additional 4,160,938 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock worth $595,762,000 after acquiring an additional 2,538,808 shares in the last quarter. Institutional investors and hedge funds 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.