Canadian Imperial Bank of Commerce (NYSE:CM) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research report released on Tuesday morning.

Several other research firms have also commented on CM. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $97.00 to $103.00 in a research report on Wednesday, January 8th. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.3 %

Canadian Imperial Bank of Commerce stock opened at $60.36 on Tuesday. Canadian Imperial Bank of Commerce has a 52 week low of $46.50 and a 52 week high of $67.45. The firm has a market cap of $56.74 billion, a price-to-earnings ratio of 11.28, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The business’s 50-day moving average price is $57.96 and its 200 day moving average price is $61.53. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.6723 per share. The ex-dividend date is Friday, March 28th. This represents a $2.69 annualized dividend and a yield of 4.46%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 48.03%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently made changes to their positions in CM. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter valued at $25,000. Operose Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter valued at about $30,000. Sandy Spring Bank purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $32,000. Finally, IFP Advisors Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% during the 4th quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after purchasing an additional 404 shares during 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.