Canadian Imperial Bank of Commerce (NYSE:CM) Rating Lowered to Hold at Zacks Investment

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports.

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. “

CM has been the topic of a number of other reports. TD Securities upped their price target on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$160.00 and gave the stock a “buy” rating in a research note on Friday, August 27th. Scotiabank upped their price objective on shares of Canadian Imperial Bank of Commerce from C$166.00 to C$168.00 and gave the stock an “outperform” rating in a report on Friday, August 27th. Barclays upped their price objective on shares of Canadian Imperial Bank of Commerce from $150.00 to $157.00 and gave the stock an “overweight” rating in a report on Friday, August 13th. Credit Suisse Group upped their price objective on shares of Canadian Imperial Bank of Commerce from $149.00 to $156.00 and gave the stock a “neutral” rating in a report on Friday, August 27th. Finally, Desjardins upped their price objective on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$154.00 and gave the stock a “hold” rating in a report on Monday, August 30th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $158.90.

NYSE:CM traded up $2.02 during trading hours on Friday, hitting $109.17. 694,807 shares of the stock traded hands, compared to its average volume of 492,959. The firm has a 50 day moving average price of $117.39 and a 200 day moving average price of $116.35. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a fifty-two week low of $83.93 and a fifty-two week high of $123.13. The firm has a market cap of $49.22 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 1.14 and a beta of 1.11.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, December 2nd. The bank reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.80 by ($0.17). Canadian Imperial Bank of Commerce had a net margin of 26.13% and a return on equity of 16.40%. The firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same period last year, the firm earned $2.79 earnings per share. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 10.1% compared to the same quarter last year. Research analysts predict that Canadian Imperial Bank of Commerce will post 11.59 EPS for the current year.

A number of large investors have recently bought and sold shares of the stock. CLARET ASSET MANAGEMENT Corp raised its position in Canadian Imperial Bank of Commerce by 3.0% in the third quarter. CLARET ASSET MANAGEMENT Corp now owns 49,672 shares of the bank’s stock worth $5,523,000 after purchasing an additional 1,444 shares in the last quarter. Balyasny Asset Management LLC raised its position in Canadian Imperial Bank of Commerce by 87.8% in the third quarter. Balyasny Asset Management LLC now owns 5,544 shares of the bank’s stock worth $617,000 after purchasing an additional 2,592 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Canadian Imperial Bank of Commerce by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 600,999 shares of the bank’s stock worth $66,891,000 after buying an additional 4,015 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.8% during the third quarter. Captrust Financial Advisors now owns 2,521 shares of the bank’s stock worth $284,000 after buying an additional 93 shares in the last quarter. Finally, Cetera Advisors LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 12.0% during the third quarter. Cetera Advisors LLC now owns 2,884 shares of the bank’s stock worth $321,000 after buying an additional 310 shares in the last quarter. 42.89% of the stock is owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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