Canadian Imperial Bank of Commerce (NYSE:CM) Rating Increased to Outperform at Royal Bank of Canada

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM was upgraded by research analysts at Royal Bank of Canada from a "sector perform" rating to an "outperform" rating in a research note issued on Wednesday, Marketbeat.com reports.

Separately, StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Monday. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Stock Up 1.2 %

Shares of NYSE CM traded up $0.73 during mid-day trading on Wednesday, reaching $63.23. 2,480,535 shares of the company's stock were exchanged, compared to its average volume of 1,072,847. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $64.39 and a 200 day simple moving average of $58.63. Canadian Imperial Bank of Commerce has a twelve month low of $43.86 and a twelve month high of $67.45. The firm has a market capitalization of $59.59 billion, a price-to-earnings ratio of 11.82, a PEG ratio of 1.78 and a beta of 1.06.

Institutional Trading of Canadian Imperial Bank of Commerce

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank grew its position in shares of 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 acquiring an additional 3,942,894 shares during the period. Cibc World Market Inc. lifted its stake in Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock valued at $938,834,000 after purchasing an additional 3,143,734 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock worth $334,321,000 after purchasing an additional 2,681,428 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank's stock worth $652,676,000 after buying an additional 1,305,665 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $62,849,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Company Profile

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.