Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded by Barclays to Overweight Rating

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by stock analysts at Barclays from an “underweight” rating to an “overweight” rating in a note issued to investors on Thursday, MarketBeat.com reports.

Other analysts have also issued research reports about the company. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Raymond James Financial began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating for the company. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Finally, Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.3%

NYSE CM opened at $96.79 on Thursday. The stock has a 50 day moving average price of $93.17 and a 200-day moving average price of $85.06. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $98.50. 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 company has a market capitalization of $89.69 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.28 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter last year, the firm earned $1.91 EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at $30,000. Toth Financial Advisory Corp acquired a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $32,000. AdvisorNet Financial Inc lifted its holdings 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 valued at $32,000 after buying an additional 300 shares during the period. Larson Financial Group LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after buying an additional 219 shares during the last quarter. Finally, Grey Fox Wealth Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce during the third quarter worth about $34,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

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.