Canadian Imperial Bank of Commerce (NYSE:CM) Rating Lowered to Hold at Zacks Investment Research

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

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. “

Several other equities analysts also recently issued reports on CM. Bank of America upped their target price on Canadian Imperial Bank of Commerce from $63.00 to $88.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Citigroup raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 6th. Barclays upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Cfra upped their price target on shares of Canadian Imperial Bank of Commerce from $55.00 to $65.00 and gave the company a “hold” rating in a report on Friday, May 29th. Finally, Scotia Howard Weill reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. One analyst has rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $94.25.

Shares of CM stock opened at $69.35 on Friday. The business’s fifty day simple moving average is $68.32 and its 200-day simple moving average is $67.98. The company has a market cap of $30.90 billion, a PE ratio of 9.13, a PEG ratio of 3.23 and a beta of 1.02. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 12-month low of $46.45 and a 12-month high of $87.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.23). Canadian Imperial Bank of Commerce had a net margin of 14.81% and a return on equity of 12.95%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.34 billion. During the same period in the previous year, the company earned $2.97 earnings per share. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 6.15 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of CM. Cubist Systematic Strategies LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 2.7% during the 4th quarter. Cubist Systematic Strategies LLC now owns 5,500 shares of the bank’s stock worth $458,000 after buying an additional 142 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 13.3% during the 2nd quarter. Parallel Advisors LLC now owns 1,469 shares of the bank’s stock worth $98,000 after purchasing an additional 172 shares during the period. Wellington Management Group LLP boosted its position in shares of Canadian Imperial Bank of Commerce by 4.5% during the 1st quarter. Wellington Management Group LLP now owns 4,102 shares of the bank’s stock worth $236,000 after purchasing an additional 177 shares during the period. Strategic Investment Advisors MI boosted its position in shares of Canadian Imperial Bank of Commerce by 3.6% during the 1st quarter. Strategic Investment Advisors MI now owns 5,797 shares of the bank’s stock worth $336,000 after purchasing an additional 201 shares during the period. Finally, Avantax Advisory Services Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 5.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,525 shares of the bank’s stock worth $263,000 after purchasing an additional 218 shares during the period. 43.26% of the stock is currently owned by institutional investors and hedge funds.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

Featured Story: Depreciation

Get a free copy of the Zacks research report on Canadian Imperial Bank of Commerce (CM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.