Canadian Imperial Bank of Commerce (CM) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a buy rating to a hold rating in a report released on Wednesday.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Other analysts have also issued reports about the stock. BidaskClub upgraded shares of Canadian Imperial Bank of Commerce from a hold rating to a buy rating in a research report on Thursday, July 13th. Citigroup Inc. lowered shares of Canadian Imperial Bank of Commerce from a buy rating to a neutral rating and set a $120.00 price target on the stock. in a research report on Wednesday. TD Securities upgraded shares of Canadian Imperial Bank of Commerce from a hold rating to a buy rating and set a $120.00 price target on the stock in a research report on Wednesday, September 6th. Canaccord Genuity set a $117.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock a buy rating in a research report on Thursday, August 24th. Finally, Macquarie began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday. They issued an underperform rating and a $89.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $102.17.

Shares of Canadian Imperial Bank of Commerce (CM) traded up 0.26% during trading on Wednesday, hitting $88.27. 341,343 shares of the stock traded hands. Canadian Imperial Bank of Commerce has a one year low of $72.62 and a one year high of $92.22. The company has a market cap of $38.48 billion, a PE ratio of 9.75 and a beta of 1.09. The firm has a 50 day moving average price of $88.46 and a 200-day moving average price of $83.87.

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The business also recently declared a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Thursday, September 28th were given a $1.0329 dividend. This represents a $4.13 annualized dividend and a yield of 4.68%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Wednesday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 49.82%.

Several institutional investors have recently modified their holdings of CM. Ameriprise Financial Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 22.6% during the 1st quarter. Ameriprise Financial Inc. now owns 10,757 shares of the bank’s stock valued at $927,000 after acquiring an additional 1,982 shares in the last quarter. Stifel Financial Corp boosted its position in shares of Canadian Imperial Bank of Commerce by 34.7% during the 1st quarter. Stifel Financial Corp now owns 4,021 shares of the bank’s stock valued at $348,000 after acquiring an additional 1,036 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 0.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,627 shares of the bank’s stock valued at $485,000 after acquiring an additional 21 shares in the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at about $679,000. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at about $679,000. Institutional investors and hedge funds own 46.30% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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

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