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

StockNews.com 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 Friday morning.

Separately, Royal Bank of Canada raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average price target of $92.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $56.79 on Friday. Canadian Imperial Bank of Commerce has a 1 year low of $46.50 and a 1 year high of $67.45. The stock has a market capitalization of $53.39 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50 day simple moving average is $59.43 and its 200 day simple moving average is $61.91.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.6723 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.69 annualized dividend and a dividend yield of 4.74%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 48.03%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds have recently modified their holdings of the company. Versant Capital Management Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 607.7% during the first quarter. Versant Capital Management Inc now owns 5,131 shares of the bank’s stock valued at $289,000 after purchasing an additional 4,406 shares in the last quarter. Wellington Management Group LLP boosted its position in Canadian Imperial Bank of Commerce by 21.4% during the 4th quarter. Wellington Management Group LLP now owns 210,127 shares of the bank’s stock worth $13,285,000 after buying an additional 37,015 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Canadian Imperial Bank of Commerce by 4.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock worth $255,000 after buying an additional 194 shares during the period. Mackenzie Financial Corp grew its holdings in Canadian Imperial Bank of Commerce by 41.1% during the 4th quarter. Mackenzie Financial Corp now owns 6,835,795 shares of the bank’s stock worth $431,952,000 after acquiring an additional 1,990,520 shares during the last quarter. Finally, Forum Financial Management LP increased its position in Canadian Imperial Bank of Commerce by 22.7% in the 4th quarter. Forum Financial Management LP now owns 6,499 shares of the bank’s stock valued at $411,000 after acquiring an additional 1,203 shares during the period. Institutional investors and hedge funds 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.