Canadian Imperial Bank of Commerce (NYSE:CM) Given Average Rating of "Moderate Buy" by Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM has received a consensus recommendation of "Moderate Buy" from the five research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $92.00.

CM has been the topic of several research analyst reports. Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $97.00 to $103.00 in a research report on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Friday.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth $44,000. Benjamin Edwards Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $525,000. Quantinno Capital Management LP grew its holdings in shares of Canadian Imperial Bank of Commerce by 7.9% during the third quarter. Quantinno Capital Management LP now owns 36,292 shares of the bank's stock worth $2,226,000 after buying an additional 2,668 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $4,739,000. Finally, State Street Corp acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $227,000. 49.88% of the stock is owned by institutional investors and hedge funds.

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Canadian Imperial Bank of Commerce Stock Down 0.7 %

Shares of NYSE:CM traded down $0.41 during trading hours on Friday, reaching $54.57. The stock had a trading volume of 1,431,568 shares, compared to its average volume of 1,154,121. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. 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 capitalization of $51.30 billion, a price-to-earnings ratio of 10.20, a P/E/G ratio of 1.62 and a beta of 0.98. The firm's 50 day moving average is $58.86 and its 200-day moving average is $61.77.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.

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.