Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded by Zacks Research to Hold

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

A number of other equities research analysts have also issued reports on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They issued a “market perform” rating on the stock. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.0%

NYSE CM opened at $94.95 on Tuesday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $95.82. The company has a market capitalization of $87.98 billion, a P/E ratio of 15.59, a PEG ratio of 1.29 and a beta of 1.02. The company’s 50 day simple moving average is $91.58 and its 200 day simple moving average is $83.43. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted $1.91 earnings per share. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Institutional investors have recently bought and sold shares of the business. Salem Investment Counselors Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $30,000. Toth Financial Advisory Corp purchased a new position in Canadian Imperial Bank of Commerce during the third quarter valued at approximately $32,000. AdvisorNet Financial Inc grew its position in Canadian Imperial Bank of Commerce by 300.0% during the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares in the last quarter. Larson Financial Group LLC lifted its position in Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after buying an additional 219 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $34,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.