Canadian Imperial Bank of Commerce (NYSE:CM) Rating Increased to Hold at Wall Street Zen

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

Several other research firms have also recently issued reports on CM. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Monday, April 21st. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of "Moderate Buy" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM traded down $0.03 during midday trading on Friday, hitting $67.88. 1,418,702 shares of the stock were exchanged, compared to its average volume of 1,137,876. Canadian Imperial Bank of Commerce has a one year low of $46.99 and a one year high of $69.88. The company has a market capitalization of $63.81 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 1.62 and a beta of 1.06. The business has a 50-day moving average price of $61.37 and a two-hundred day moving average price of $61.98. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Institutional Trading of Canadian Imperial Bank of Commerce

Several large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC raised its stake in Canadian Imperial Bank of Commerce by 1,036.9% during the 1st quarter. Acadian Asset Management LLC now owns 1,048,200 shares of the bank's stock valued at $58,942,000 after purchasing an additional 956,000 shares during the period. Intech Investment Management LLC boosted its holdings in Canadian Imperial Bank of Commerce by 64.4% in 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 raised its position in shares of Canadian Imperial Bank of Commerce by 1,784.1% during the first quarter. Zurich Insurance Group Ltd FI now owns 685,827 shares of the bank's stock valued at $38,622,000 after buying an additional 649,427 shares during the last quarter. Sciencast Management LP acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $546,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 405.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank's stock valued at $292,032,000 after buying an additional 4,160,938 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

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.