Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

A number of other analysts have also commented on the stock. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Hold" and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.75 during trading on Tuesday, hitting $61.12. 756,591 shares of the company's stock traded hands, compared to its average volume of 1,139,543. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. The business has a 50-day simple moving average of $57.94 and a 200-day simple moving average of $61.55. The stock has a market capitalization of $57.46 billion, a P/E ratio of 11.42, a PEG ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's payout ratio is 48.03%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CM. Crews Bank & Trust bought a new stake in shares of Canadian Imperial Bank of Commerce during the 4th quarter valued at $25,000. Operose Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce during the fourth quarter valued at $26,000. SBI Securities Co. Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at about $30,000. Sandy Spring Bank purchased a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $32,000. Finally, IFP Advisors Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock worth $34,000 after buying an additional 404 shares during the period. 49.88% of the stock is 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.