Canadian Imperial Bank of Commerce (NYSE:CM) Lifted to Buy at Bank of America

Bank of America upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a neutral rating to a buy rating in a report issued on Friday morning, Marketbeat reports.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a research report on Monday, June 3rd. UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a neutral rating for the company. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a report on Saturday, July 20th. Desjardins raised Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a research report on Friday, August 2nd. Finally, BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an outperform rating in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy 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 $81.00.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

CM stock opened at $58.44 on Friday. The firm has a market capitalization of $55.11 billion, a PE ratio of 12.02, a P/E/G ratio of 2.17 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $59.10. The stock’s 50 day moving average is $50.77 and its 200-day moving average is $49.28.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.14 earnings per share. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.57 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a $0.652 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.46%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.50%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $404,008,000. Toronto Dominion Bank increased its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares during the period. National Bank of Canada FI lifted its stake in shares of Canadian Imperial Bank of Commerce by 26.8% in the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after acquiring an additional 3,875,280 shares during the last quarter. Cibc World Market Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after acquiring an additional 3,143,734 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Canadian Imperial Bank of Commerce by 94.4% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,080,761 shares of the bank’s stock worth $292,949,000 after acquiring an additional 2,952,277 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

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.