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

Shares of Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM have been assigned an average rating of "Moderate Buy" from the eight brokerages that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $81.00.

CM has been the subject of a number of research analyst reports. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research report on Saturday, October 19th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research note on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 2nd. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.57 during midday trading on Tuesday, hitting $63.77. The company had a trading volume of 421,965 shares, compared to its average volume of 1,419,190. 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 company has a fifty day simple moving average of $60.92 and a 200 day simple moving average of $53.41. Canadian Imperial Bank of Commerce has a 12-month low of $37.25 and a 12-month high of $63.85. The stock has a market cap of $60.24 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.82 and a beta of 1.06.

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

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were issued a dividend of $0.652 per share. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.09%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 52.46%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank increased its holdings in Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. M&G Plc acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at $8,221,000. Cetera Advisors LLC bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $1,278,000. Legal & General Group Plc increased its stake in Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock valued at $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1,091.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank's stock valued at $13,477,000 after acquiring an additional 244,700 shares during the period. 49.88% of the stock is owned by institutional investors and hedge funds.

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.