Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Several other research firms have also recently commented on CM. Royal Bank of Canada reissued a hold rating and set a $124.00 target price (down from $128.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 23rd. Barclays reaffirmed a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, August 22nd. National Bank Financial reaffirmed a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. Scotiabank reaffirmed a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, August 20th. Finally, BMO Capital Markets reaffirmed a hold rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company. The stock presently has a consensus rating of Hold and an average price target of $120.67.

CM traded down $0.28 on Thursday, hitting $86.93. 259,832 shares of the company were exchanged, compared to its average volume of 443,855. Canadian Imperial Bank of Commerce has a twelve month low of $72.96 and a twelve month high of $87.74. The company has a market cap of $38.83 billion, a price-to-earnings ratio of 9.31, a price-to-earnings-growth ratio of 3.08 and a beta of 1.18. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $83.88 and a two-hundred day moving average price of $80.18.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 22nd. The bank reported $3.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a return on equity of 15.92% and a net margin of 18.39%. The firm had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same period in the previous year, the firm posted $3.08 EPS. Equities analysts expect that Canadian Imperial Bank of Commerce will post 9.14 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a dividend of $1.091 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. This represents a $4.36 annualized dividend and a dividend yield of 5.02%. The ex-dividend date was Thursday, September 26th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 46.36%.

Several large investors have recently added to or reduced their stakes in CM. Banco de Sabadell S.A lifted its holdings in shares of Canadian Imperial Bank of Commerce by 13.5% in the 2nd quarter. Banco de Sabadell S.A now owns 17,600 shares of the bank’s stock valued at $1,812,000 after purchasing an additional 2,100 shares during the last quarter. BB&T Corp lifted its holdings in shares of Canadian Imperial Bank of Commerce by 1.7% in the 2nd quarter. BB&T Corp now owns 38,256 shares of the bank’s stock valued at $3,005,000 after purchasing an additional 654 shares during the last quarter. Cidel Asset Management Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.4% in the 2nd quarter. Cidel Asset Management Inc. now owns 281,344 shares of the bank’s stock valued at $22,172,000 after purchasing an additional 6,575 shares during the last quarter. Investec Asset Management LTD lifted its holdings in shares of Canadian Imperial Bank of Commerce by 478.2% in the 2nd quarter. Investec Asset Management LTD now owns 648,507 shares of the bank’s stock valued at $8,803,000 after purchasing an additional 536,357 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Canadian Imperial Bank of Commerce by 10.2% in the 2nd quarter. Van ECK Associates Corp now owns 13,631 shares of the bank’s stock valued at $1,072,000 after purchasing an additional 1,262 shares during the last quarter. 44.95% 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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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