Wall Street Zen Upgrades Canadian Imperial Bank of Commerce (NYSE:CM) to "Hold"

Key Points

• Wall Street Zen upgraded the Canadian Imperial Bank of Commerce (NYSE:CM) from a "sell" rating to a "hold" rating, reflecting a shift in investor sentiment.
• Despite the upgrade, the stock has a consensus rating of "Moderate Buy" with an average target price of $107.50, indicating potential for future growth.
• Recently reported quarterly earnings show the bank exceeded expectations with $1.57 earnings per share and revenue growth of 3.3% year-over-year.

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

Other analysts have also recently issued research reports about the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $80.28 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $82.23. The stock has a market cap of $74.63 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.70 and a beta of 1.03. The company's fifty day moving average is $78.17 and its 200 day moving average is $70.72.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.12 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. Canadian Imperial Bank of Commerce's revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently made changes to their positions in CM. HM Payson & Co. acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $29,000. TruNorth Capital Management LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after purchasing an additional 312 shares during the period. Salem Investment Counselors Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $30,000. Truvestments Capital LLC acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $32,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at about $32,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

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.

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