StockNews.com Upgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Hold

StockNews.com upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM from a sell rating to a hold rating in a research report sent to investors on Monday morning.

Separately, Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Price Performance

CM stock traded up $0.17 during mid-day trading on Monday, reaching $58.94. 588,465 shares of the company traded hands, compared to its average volume of 1,134,967. Canadian Imperial Bank of Commerce has a 52-week low of $46.50 and a 52-week high of $67.45. The company has a fifty day moving average price of $58.14 and a 200-day moving average price of $61.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $55.41 billion, a P/E ratio of 11.02, a P/E/G ratio of 1.62 and a beta of 0.98.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Friday, March 28th will be issued a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 dividend on an annualized basis and a yield of 4.56%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 48.03%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at $44,000. State Street Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth about $227,000. Orion Portfolio Solutions LLC lifted its holdings in Canadian Imperial Bank of Commerce by 76.1% in the third quarter. Orion Portfolio Solutions LLC now owns 15,935 shares of the bank's stock worth $977,000 after buying an additional 6,888 shares during the period. MML Investors Services LLC boosted its position in Canadian Imperial Bank of Commerce by 0.5% during the 3rd quarter. MML Investors Services LLC now owns 44,008 shares of the bank's stock valued at $2,699,000 after acquiring an additional 237 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Canadian Imperial Bank of Commerce by 4.4% during the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank's stock valued at $54,606,000 after acquiring an additional 37,419 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

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.