Canadian Imperial Bank of Commerce (NYSE:CM) Rating Increased to Strong-Buy at Zacks Research

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

CM has been the topic of several other research reports. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating on the stock. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.3%

CM opened at $91.82 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $94.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $85.28 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 1.23 and a beta of 1.02. The stock’s 50 day moving average price is $87.93 and its 200-day moving average price is $79.95.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the business earned $1.91 EPS. Canadian Imperial Bank of Commerce’s revenue was up 14.5% compared to the same quarter last year. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds and other institutional investors have recently modified their holdings of CM. Salem Investment Counselors Inc. bought a new position in Canadian Imperial Bank of Commerce in the third quarter worth approximately $30,000. Toth Financial Advisory Corp purchased a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at $32,000. AdvisorNet Financial Inc raised its position in shares of Canadian Imperial Bank of Commerce by 300.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after acquiring an additional 300 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at about $34,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.