The Canadian Imperial Bank of Commerce (CM) Rating Increased to Hold at Zacks Investment Research

The Canadian Imperial Bank of Commerce (CM) Rating Increased to Hold at Zacks Investment Research

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other equities research analysts have also recently commented on the company. National Bank Financial reiterated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. Credit Suisse Group AG upgraded Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a research note on Friday, March 31st. Finally, Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from an “underperform” rating to a “mkt perform” rating in a research note on Friday, February 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $101.44.

Canadian Imperial Bank of Commerce (NYSE:CM) opened at 78.25 on Thursday. The firm has a 50-day moving average price of $79.96 and a 200-day moving average price of $83.81. Canadian Imperial Bank of Commerce has a 12 month low of $72.62 and a 12 month high of $92.22. The stock has a market cap of $31.43 billion, a price-to-earnings ratio of 8.87 and a beta of 1.06. The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Wednesday, June 28th will be paid a $0.9406 dividend. This represents a $3.76 annualized dividend and a dividend yield of 4.81%. The ex-dividend date is Monday, June 26th. Canadian Imperial Bank of Commerce’s payout ratio is 45.28%.

Several hedge funds and other institutional investors have recently made changes to their positions in CM. Norges Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at about $308,826,000. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $82,838,000. Acadian Asset Management LLC boosted its position in shares of Canadian Imperial Bank of Commerce by 14.3% in the first quarter. Acadian Asset Management LLC now owns 5,684,299 shares of the bank’s stock valued at $488,755,000 after buying an additional 709,927 shares during the last quarter. Barometer Capital Management Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $34,100,000. Finally, Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 4.7% in the first quarter. Vanguard Group Inc. now owns 8,468,455 shares of the bank’s stock valued at $730,065,000 after buying an additional 381,319 shares during the last quarter. Hedge funds and other institutional investors own 53.01% of the company’s stock. Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “CM”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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