Canadian Imperial Bank of Commerce (NYSE:CM) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) had its price objective lifted by equities researchers at Royal Bank Of Canada from $147.00 to $167.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 56.95% from the company’s previous close.

Several other analysts have also recently commented on CM. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, May 22nd. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Down 2.2%

Shares of Canadian Imperial Bank of Commerce stock traded down $2.34 during trading hours on Monday, hitting $106.40. The company had a trading volume of 72,532 shares, compared to its average volume of 1,264,239. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a twelve month low of $67.30 and a twelve month high of $117.05. The company has a market cap of $97.34 billion, a P/E ratio of 14.62, a price-to-earnings-growth ratio of 1.15 and a beta of 1.02. The company’s 50-day moving average is $105.94 and its two-hundred day moving average is $97.53.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business’s revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the company posted $2.05 earnings per share. Analysts anticipate that Canadian Imperial Bank of Commerce will post 7.43 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 stock. Larson Financial Group LLC boosted its holdings in 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 valued at $32,000 after acquiring an additional 219 shares during the last quarter. Guerra Advisors Inc acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter worth $35,000. EFG International AG purchased a new position in Canadian Imperial Bank of Commerce in the fourth quarter valued at about $35,000. Lodestone Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter worth $37,000. Finally, Global Assets Advisory LLC bought a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $54,000. 49.88% of the stock is currently 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.