Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Upgraded by Royal Bank of Canada

by · The Markets Daily

Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM – Free Report) (TSE:CM) from a sector perform rating to an outperform rating in a research note released on Wednesday, Marketbeat.com reports. The brokerage currently has $103.00 price target on the bank’s stock, up from their prior price target of $97.00.

Separately, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.00.

View Our Latest Stock Analysis on CM

Canadian Imperial Bank of Commerce Stock Down 1.6 %

Shares of NYSE CM opened at $62.06 on Wednesday. The firm has a 50 day moving average price of $64.38 and a 200 day moving average price of $58.79. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $58.49 billion, a P/E ratio of 11.60, a P/E/G ratio of 1.78 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52-week low of $43.86 and a 52-week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a $0.6912 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 annualized dividend and a yield of 4.45%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 51.21%.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank grew its stake in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. Public Sector Pension Investment Board lifted its position in shares of Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after acquiring an additional 900,575 shares during the period. Legal & General Group Plc boosted its stake in Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares in the last quarter. Ritholtz Wealth Management grew its holdings in Canadian Imperial Bank of Commerce by 140.6% in the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock worth $878,000 after purchasing an additional 8,362 shares during the period. Finally, CIBC Asset Management Inc increased its stake in Canadian Imperial Bank of Commerce by 3.4% in the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock valued at $696,659,000 after purchasing an additional 375,837 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Company Profile

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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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