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

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 released on Friday morning.

Other research analysts also recently issued reports about the stock. BMO Capital Markets raised their price target on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Royal Bank Of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $109.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded up $0.95 during trading hours on Friday, hitting $74.38. 999,912 shares of the company were exchanged, compared to its average volume of 1,136,496. The firm has a fifty day simple moving average of $69.23 and a 200 day simple moving average of $63.33. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 52-week low of $47.55 and a 52-week high of $74.44. The stock has a market capitalization of $69.28 billion, a price-to-earnings ratio of 13.07, a P/E/G ratio of 1.59 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, topping the consensus estimate of $1.34 by $0.10. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the firm earned $1.75 EPS. Research analysts predict 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.7024 per share. This represents a $2.81 annualized dividend and a dividend yield of 3.78%. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce's dividend payout ratio is 49.56%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 5.1% in the 2nd quarter. Parallel Advisors LLC now owns 3,288 shares of the bank's stock worth $233,000 after purchasing an additional 160 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank's stock valued at $3,788,000 after acquiring an additional 173 shares during the period. Gradient Investments LLC boosted its holdings in Canadian Imperial Bank of Commerce by 2.4% in the 1st quarter. Gradient Investments LLC now owns 8,278 shares of the bank's stock worth $466,000 after buying an additional 191 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after buying an additional 194 shares during the period. Finally, Benjamin Edwards Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock worth $243,000 after buying an additional 216 shares during the period. 49.88% of the stock is owned by institutional investors.

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.