Canadian Imperial Bank of Commerce (NYSE:CM) Rating Lowered to Hold at Zacks Research

Key Points

• Zacks Research downgraded Canadian Imperial Bank of Commerce from "strong-buy" to "hold," though the analyst consensus remains a "Moderate Buy" (five Buys, three Holds) with a $107.50 average price target.
• CIBC beat quarterly expectations, reporting $1.99 EPS vs. $1.74 expected and $6.16 billion in revenue (up 15.3% year-over-year), with a 15.69% return on equity.
• The stock trades around $107.72 (near its 1‑year high of $110.91), has a market cap of about $98.9 billion and a P/E of 15.7, and roughly 49.9% of shares are held by institutional investors.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also issued reports on CM. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a report on Friday, April 17th. Barclays raised Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Down 1.7%

Canadian Imperial Bank of Commerce stock opened at $107.72 on Tuesday. The stock's fifty day moving average is $100.73 and its two-hundred day moving average is $93.24. The stock has a market cap of $98.91 billion, a PE ratio of 15.70, a P/E/G ratio of 1.14 and a beta of 1.00. Canadian Imperial Bank of Commerce has a 1-year low of $61.67 and a 1-year high of $110.91. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The business's quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.20 earnings per share. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently modified their holdings of CM. Sivia Capital Partners LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $262,000. EverSource Wealth Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank's stock valued at $128,000 after acquiring an additional 193 shares during the period. Brown Advisory Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 2.6% during the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank's stock valued at $445,000 after acquiring an additional 160 shares during the period. Qube Research & Technologies Ltd raised its position in shares of Canadian Imperial Bank of Commerce by 74.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank's stock worth $23,833,000 after purchasing an additional 143,588 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Canadian Imperial Bank of Commerce by 7,315.0% during the 2nd quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank's stock worth $210,000 after purchasing an additional 2,926 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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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