Canadian Imperial Bank of Commerce (NYSE:CM) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM from a hold rating to a sell rating in a report published on Friday morning.

A number of other equities analysts have also commented on CM. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Royal Bank Of Canada boosted their price objective on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Jefferies Financial Group lowered Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Finally, Scotiabank assumed coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM traded up $0.27 during trading on Friday, hitting $73.29. The company's stock had a trading volume of 742,666 shares, compared to its average volume of 1,125,746. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average price of $69.23 and a 200 day moving average price of $63.33. The firm has a market cap of $68.40 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $47.55 and a 52 week high of $73.52.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.75 EPS. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Investors of record on Friday, June 27th will be issued a $0.7024 dividend. This represents a $2.81 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Friday, June 27th. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 49.56%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several large investors have recently modified their holdings of CM. Operose Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter worth about $26,000. HM Payson & Co. bought a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at approximately $29,000. TruNorth Capital Management LLC raised its stake in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after buying an additional 312 shares during the period. Sandy Spring Bank bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $32,000. Finally, Truvestments Capital LLC bought a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at approximately $32,000. 49.88% of the stock is currently owned by institutional investors.

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.