Canadian Imperial Bank of Commerce (TSE:CM) Lowered to Hold Rating by Desjardins

Key Points

• Desjardins downgraded CIBC from “buy” to “hold”, while raising its price target from C$160 to C$173—about 4.11% above the stock’s current price.
• Analyst sentiment is mixed but leans neutral: five analysts rate CIBC a Buy and six rate it Hold, producing a consensus Hold rating and average target price of C$154.77.
• CIBC shares traded at C$166.17, near their 12-month high of C$171.64. The bank reported quarterly EPS of C$2.54 on C$8.01 billion in revenue, while insiders have sold 17,776 shares over the past 90 days.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM was downgraded by Desjardins from a "buy" rating to a "hold" rating in a report released on Wednesday,BayStreet.CA reports. They currently have a C$173.00 price objective on the stock, up from their previous price objective of C$160.00. Desjardins' target price indicates a potential upside of 4.11% from the stock's current price.

Several other equities research analysts also recently weighed in on the company. Jefferies Financial Group increased their price objective on Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a report on Wednesday, May 20th. Canaccord Genuity Group lifted their target price on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$168.00 and gave the company a "hold" rating in a report on Tuesday, July 7th. Scotiabank upped their price target on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the company a "sector perform" rating in a research report on Tuesday, June 16th. Raymond James Financial decreased their price target on shares of Canadian Imperial Bank of Commerce from C$157.50 to C$155.50 and set a "market perform" rating for the company in a research note on Friday, May 29th. Finally, TD lowered their price objective on shares of Canadian Imperial Bank of Commerce from C$166.00 to C$163.00 and set a "buy" rating on the stock in a research report on Friday, May 29th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and a consensus target price of C$154.77.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded up C$0.11 during mid-day trading on Wednesday, hitting C$166.17. 531,660 shares of the stock were exchanged, compared to its average volume of 2,551,690. Canadian Imperial Bank of Commerce has a 12-month low of C$98.80 and a 12-month high of C$171.64. The stock has a market capitalization of C$151.68 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 3.03 and a beta of 1.39. The stock's fifty day simple moving average is C$161.14 and its two-hundred day simple moving average is C$146.63.

Canadian Imperial Bank of Commerce (TSE:CM - Get Free Report) NYSE: CM last announced its earnings results on Thursday, May 28th. The company reported C$2.54 earnings per share (EPS) for the quarter. The firm had revenue of C$8.01 billion during the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 6.4127341 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Canadian Imperial Bank of Commerce news, insider Amy Florence South sold 1,200 shares of Canadian Imperial Bank of Commerce stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of C$160.92, for a total value of C$193,104.00. Also, insider Christopher John Anderson sold 8,490 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of C$155.50, for a total value of C$1,320,195.00. Following the transaction, the insider owned 6,252 shares in the company, valued at C$972,186. The trade was a 57.59% decrease in their position. Insiders sold 17,776 shares of company stock valued at $2,817,744 over the last ninety days. Corporate insiders own 0.02% of the company's stock.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.

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