StockNews.com Downgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Sell

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM traded up $0.47 during trading hours on Monday, hitting $63.17. The stock had a trading volume of 688,835 shares, compared to its average volume of 605,845. The stock’s fifty day simple moving average is $64.40 and its 200 day simple moving average is $58.53. The firm has a market capitalization of $59.53 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.78 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $43.86 and a 1-year high of $67.45.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $44,000. Versant Capital Management Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after buying an additional 663 shares during the period. Blue Trust Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares during the period. Finally, City State Bank purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $61,000. 49.88% of the stock is owned by institutional investors and hedge funds.

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.