Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)‘s stock had its “hold” rating reiterated by equities research analysts at Royal Bank of Canada in a report issued on Friday, Stock Target Advisor reports. They currently have a $124.00 price target on the bank’s stock, down from their prior price target of $128.00. Royal Bank of Canada’s price target would suggest a potential upside of 62.88% from the stock’s current price.

A number of other research firms have also recently commented on CM. Canaccord Genuity cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. TD Securities cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Zacks Investment Research cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. Finally, Scotiabank restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $120.67.

Shares of Canadian Imperial Bank of Commerce stock traded up $0.89 on Friday, reaching $76.13. The company’s stock had a trading volume of 693,913 shares, compared to its average volume of 397,741. The company has a market capitalization of $34.01 billion, a P/E ratio of 8.15, a PEG ratio of 8.06 and a beta of 1.17. Canadian Imperial Bank of Commerce has a 52-week low of $72.96 and a 52-week high of $96.98. The stock has a 50-day moving average price of $77.13 and a 200-day moving average price of $80.54. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.12.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 22nd. The bank reported $3.10 EPS for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.81. The business had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.07% and a net margin of 18.39%. During the same period in the previous year, the business earned $3.08 earnings per share. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 9.08 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of CM. Toronto Dominion Bank increased its position in shares of Canadian Imperial Bank of Commerce by 31.6% during the second quarter. Toronto Dominion Bank now owns 18,311,681 shares of the bank’s stock worth $1,439,731,000 after purchasing an additional 4,401,289 shares in the last quarter. Beutel Goodman & Co Ltd. increased its position in shares of Canadian Imperial Bank of Commerce by 105.6% during the first quarter. Beutel Goodman & Co Ltd. now owns 1,565,565 shares of the bank’s stock worth $123,712,000 after purchasing an additional 804,140 shares in the last quarter. Letko Brosseau & Associates Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 43.2% during the second quarter. Letko Brosseau & Associates Inc. now owns 2,655,937 shares of the bank’s stock worth $209,304,000 after purchasing an additional 801,058 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Canadian Imperial Bank of Commerce by 46.7% during the second quarter. Mackenzie Financial Corp now owns 2,443,838 shares of the bank’s stock worth $191,988,000 after purchasing an additional 778,230 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $66,073,000. Hedge funds and other institutional investors own 45.12% 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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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

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