Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have earned a consensus recommendation of "Moderate Buy" from the seven ratings firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $92.00.

CM has been the subject of a number of recent research reports. Scotiabank initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research report on Monday, April 21st.

Canadian Imperial Bank of Commerce Trading Down 0.0%

Shares of NYSE:CM traded down $0.03 during trading hours on Friday, hitting $67.88. 1,418,702 shares of the company's stock traded hands, compared to its average volume of 1,137,876. The business has a fifty day moving average price of $61.37 and a 200-day moving average price of $61.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $46.99 and a 1 year high of $69.88. The firm has a market capitalization of $63.81 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Friday, March 28th were paid a $0.6723 dividend. The ex-dividend date of this dividend was Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 3.96%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 48.03%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently modified their holdings of CM. Acadian Asset Management LLC lifted its position in Canadian Imperial Bank of Commerce by 1,036.9% in the first quarter. Acadian Asset Management LLC now owns 1,048,200 shares of the bank's stock valued at $58,942,000 after acquiring an additional 956,000 shares during the last quarter. Intech Investment Management LLC raised its holdings in Canadian Imperial Bank of Commerce by 64.4% during the first quarter. Intech Investment Management LLC now owns 275,959 shares of the bank's stock worth $15,521,000 after purchasing an additional 108,110 shares in the last quarter. Zurich Insurance Group Ltd FI increased its stake in Canadian Imperial Bank of Commerce by 1,784.1% in the 1st quarter. Zurich Insurance Group Ltd FI now owns 685,827 shares of the bank's stock valued at $38,622,000 after purchasing an additional 649,427 shares in the last quarter. Sciencast Management LP purchased a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $546,000. Finally, Goldman Sachs Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 405.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank's stock valued at $292,032,000 after purchasing an additional 4,160,938 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other 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.