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

StockNews.com lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a report issued on Tuesday.

A number of other brokerages also recently issued reports on CM. BMO Capital Markets increased their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an outperform rating in a research report on Friday, August 30th. Desjardins raised Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a report on Friday, August 2nd. Bank of America raised Canadian Imperial Bank of Commerce from a neutral rating to a buy rating in a report on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a hold rating to a moderate buy rating in a report on Friday, August 30th. Finally, UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a neutral rating for the company. Two 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 data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $60.96 on Tuesday. The company has a market capitalization of $57.58 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.82 and a beta of 1.07. The business’s 50 day moving average is $57.47 and its two-hundred day moving average is $51.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $62.67.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 earnings per share. Analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.28%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.46%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in CM. Barometer Capital Management Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $9,082,000. Power Corp of Canada increased its stake in Canadian Imperial Bank of Commerce by 1.8% during the fourth quarter. Power Corp of Canada now owns 94,861 shares of the bank’s stock worth $4,575,000 after acquiring an additional 1,704 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Canadian Imperial Bank of Commerce by 94.4% during the fourth 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. FIL Ltd increased its stake in Canadian Imperial Bank of Commerce by 218.0% during the fourth quarter. FIL Ltd now owns 3,195,091 shares of the bank’s stock worth $153,841,000 after acquiring an additional 2,190,378 shares during the last quarter. Finally, Wellington Wealth Strategies LLC. acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $211,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

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.