Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded to "Sell" Rating by StockNews.com

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM from a hold rating to a sell rating in a report published on Friday morning.

Separately, Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $97.00 to $103.00 in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 2.9 %

Shares of NYSE CM traded up $1.58 during mid-day trading on Friday, reaching $56.18. 451,388 shares of the company were exchanged, compared to its average volume of 1,151,433. The stock has a market cap of $52.81 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average of $58.86 and a 200 day moving average of $61.77. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45.

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Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be given a dividend of $0.6723 per share. This represents a $2.69 annualized dividend and a yield of 4.79%. The ex-dividend date is Friday, March 28th. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 48.03%.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds have recently modified their holdings of the stock. Crews Bank & Trust acquired a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $25,000. Operose Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at $26,000. SBI Securities Co. Ltd. purchased a new stake in Canadian Imperial Bank of Commerce during the fourth quarter worth $30,000. Sandy Spring Bank acquired a new stake in Canadian Imperial Bank of Commerce during the fourth quarter valued at $32,000. Finally, IFP Advisors Inc increased its holdings in Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank's stock valued at $34,000 after buying an additional 404 shares in the last quarter. Hedge funds and other institutional investors 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.