Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded by StockNews.com

StockNews.com cut shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a report issued on Saturday morning.

CM has been the topic of several other research reports. UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a neutral rating on the stock. Keefe, Bruyette & Woods upgraded Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a research note on Monday, June 3rd. Finally, BMO Capital Markets upped their price objective on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an outperform rating in a research note on Friday, May 31st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $67.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM opened at $50.67 on Friday. The stock has a 50 day moving average price of $48.73 and a 200 day moving average price of $48.01. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $51.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $47.78 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.97 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Analysts predict that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.653 per share. The ex-dividend date is Friday, June 28th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 5.15%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.32%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Large investors have recently made changes to their positions in the company. Janiczek Wealth Management LLC grew its position in Canadian Imperial Bank of Commerce by 34.9% during the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock worth $41,000 after buying an additional 222 shares in the last quarter. Gulf International Bank UK Ltd grew its position in Canadian Imperial Bank of Commerce by 3.8% during the first quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after buying an additional 236 shares in the last quarter. Simplicity Wealth LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after purchasing an additional 240 shares in the last quarter. Glassman Wealth Services boosted its holdings in shares of Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after purchasing an additional 253 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 49.88% 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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.