Canadian Imperial Bank of Commerce (NYSE:CM) Lowered to "Sell" Rating by Wall Street Zen

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other research firms have also recently weighed in on CM. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research note on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $81.44 on Friday. The stock has a market capitalization of $75.71 billion, a PE ratio of 13.76, a P/E/G ratio of 1.72 and a beta of 1.03. The business has a 50 day simple moving average of $76.50 and a two-hundred day simple moving average of $69.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $82.09.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 EPS. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently modified their holdings of CM. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $730,245,000. Goldman Sachs Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank's stock worth $292,032,000 after buying an additional 4,160,938 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Canadian Imperial Bank of Commerce by 130.2% in the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank's stock worth $519,312,000 after buying an additional 4,160,060 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock worth $595,762,000 after buying an additional 2,538,808 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 51.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank's stock worth $503,383,000 after purchasing an additional 2,425,000 shares during the period. 49.88% of the stock is currently 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.

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