Canadian Imperial Bank of Commerce (NYSE:CM) Earns Market Perform Rating from Analysts at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods initiated coverage of Canadian Imperial Bank of Commerce with a “market perform” rating.
• Analyst sentiment remains generally positive, with five Buy and five Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $167.00.
• CIBC’s latest quarterly results exceeded expectations, reporting $1.86 EPS versus a $1.78 estimate and $5.89 billion in revenue, up 14% year over year.

Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM in a research report issued to clients and investors on Friday. The brokerage set a "market perform" rating on the bank's stock.

CM has been the subject of a number of other reports. TD Securities reaffirmed a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Scotiabank reissued an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Desjardins cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Raymond James Financial reaffirmed a "market perform" rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and an average target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM traded up $2.09 on Friday, reaching $117.78. The company's stock had a trading volume of 54,318 shares, compared to its average volume of 1,290,245. Canadian Imperial Bank of Commerce has a 52-week low of $72.57 and a 52-week high of $124.86. The stock has a market capitalization of $107.51 billion, a P/E ratio of 16.18, a PEG ratio of 1.28 and a beta of 1.01. The stock's 50-day moving average is $117.07 and its two-hundred day moving average is $108.21. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business's revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the company posted $2.05 earnings per share. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.33 EPS for the current year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank's stock valued at $880,000 after purchasing an additional 114 shares during the last quarter. Parallel Advisors LLC increased its stake in Canadian Imperial Bank of Commerce by 3.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock worth $272,000 after purchasing an additional 116 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in Canadian Imperial Bank of Commerce by 3.1% during the 4th quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank's stock worth $347,000 after buying an additional 116 shares during the period. McIlrath & Eck LLC raised its holdings in Canadian Imperial Bank of Commerce by 7.1% during the 4th quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank's stock worth $175,000 after buying an additional 128 shares during the period. Finally, Fifth Third Bancorp lifted its stake in Canadian Imperial Bank of Commerce by 12.7% during the fourth quarter. Fifth Third Bancorp now owns 1,337 shares of the bank's stock valued at $121,000 after buying an additional 151 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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