Canadian Imperial Bank of Commerce (TSE:CM) Cut to "Sector Perform" at National Bank Financial

National Bank Financial cut shares of Canadian Imperial Bank of Commerce (TSE:CM - Free Report) NYSE: CM from an outperform rating to a sector perform rating in a report released on Thursday, MarketBeat.com reports.

CM has been the subject of several other reports. UBS Group lowered their price objective on Canadian Imperial Bank of Commerce from C$102.00 to C$96.00 in a research report on Friday, February 14th. Canaccord Genuity Group cut their price objective on Canadian Imperial Bank of Commerce from C$93.00 to C$92.00 in a research report on Monday, May 12th. TD Securities reduced their price target on shares of Canadian Imperial Bank of Commerce from C$100.00 to C$99.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Royal Bank of Canada set a C$108.00 target price on shares of Canadian Imperial Bank of Commerce and gave the stock an "outperform" rating in a research report on Monday, March 17th. Finally, Scotiabank raised Canadian Imperial Bank of Commerce to a "strong-buy" rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of "Moderate Buy" and a consensus target price of C$94.31.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM traded down C$0.13 during mid-day trading on Thursday, hitting C$92.78. 530,411 shares of the company's stock were exchanged, compared to its average volume of 3,869,058. Canadian Imperial Bank of Commerce has a fifty-two week low of C$64.63 and a fifty-two week high of C$96.45. The company has a market cap of C$86.80 billion, a price-to-earnings ratio of 12.25, a P/E/G ratio of 3.03 and a beta of 1.12. The stock's 50-day moving average is C$86.32 and its 200-day moving average is C$87.86.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.18%. Canadian Imperial Bank of Commerce's payout ratio is currently 47.55%.

Insider Buying and Selling at Canadian Imperial Bank of Commerce

In related news, Senior Officer Sandy Sharman sold 1,027 shares of Canadian Imperial Bank of Commerce stock in a transaction on Friday, March 21st. The shares were sold at an average price of C$81.27, for a total value of C$83,464.29. Also, Senior Officer Christina Charlotte Kramer sold 43,490 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of C$93.07, for a total transaction of C$4,047,614.30. 0.02% of the stock is currently owned by corporate insiders.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is Canada's fifth- largest bank, operating three business segments: retail and business banking, wealth management, and capital markets. It serves approximately 11 million personal banking and business customers, primarily in Canada.