Canadian Imperial Bank of Commerce (NYSE:CM) Receives Average Rating of “Hold” from Brokerages

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) has received an average rating of “Hold” from the fourteen research firms that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $101.43.

A number of equities analysts have recently issued reports on CM shares. Zacks Investment Research cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, April 25th. Credit Suisse Group raised Canadian Imperial Bank of Commerce from an “underperform” rating to a “neutral” rating in a report on Friday, March 31st. National Bank Financial reiterated an “outperform overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 18th. Finally, BidaskClub upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th.

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A number of hedge funds and other institutional investors have recently made changes to their positions in CM. PNC Financial Services Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 0.4% in the first quarter. PNC Financial Services Group Inc. now owns 5,627 shares of the bank’s stock worth $485,000 after buying an additional 21 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 0.6% in the first quarter. Envestnet Asset Management Inc. now owns 5,118 shares of the bank’s stock worth $441,000 after buying an additional 33 shares during the last quarter. Nexus Investment Management Inc. boosted its position in Canadian Imperial Bank of Commerce by 0.3% in the first quarter. Nexus Investment Management Inc. now owns 32,943 shares of the bank’s stock worth $2,836,000 after buying an additional 98 shares during the last quarter. Parallel Advisors LLC boosted its position in Canadian Imperial Bank of Commerce by 7.2% in the first quarter. Parallel Advisors LLC now owns 1,915 shares of the bank’s stock worth $152,000 after buying an additional 129 shares during the last quarter. Finally, United Services Automobile Association boosted its position in Canadian Imperial Bank of Commerce by 0.4% in the first quarter. United Services Automobile Association now owns 33,318 shares of the bank’s stock worth $2,872,000 after buying an additional 138 shares during the last quarter. 47.60% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce (CM) opened at 85.03 on Tuesday. The stock’s 50 day moving average is $79.18 and its 200 day moving average is $83.77. The firm has a market cap of $34.15 billion, a PE ratio of 9.21 and a beta of 1.08. Canadian Imperial Bank of Commerce has a 12 month low of $72.62 and a 12 month high of $92.22.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th will be issued a $0.9406 dividend. This represents a $3.76 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend is Monday, June 26th. Canadian Imperial Bank of Commerce’s payout ratio is 41.18%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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