Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded at Desjardins

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by research analysts at Desjardins from a “hold” rating to a “moderate buy” rating in a report issued on Friday, Zacks.com reports.

Several other brokerages have also recently issued reports on CM. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. UBS Group began coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $67.00.

Canadian Imperial Bank of Commerce Trading Up 2.9 %

CM traded up $1.39 during trading on Friday, hitting $49.82. 983,368 shares of the stock were exchanged, compared to its average volume of 1,506,162. The firm has a 50 day simple moving average of $49.07 and a 200 day simple moving average of $48.29. The firm has a market cap of $46.98 billion, a price-to-earnings ratio of 9.97, a P/E/G ratio of 1.99 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $52.03. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.22 by $0.07. The company had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Canadian Imperial Bank of Commerce by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after acquiring an additional 675,786 shares during the period. Bank of Nova Scotia lifted its position in Canadian Imperial Bank of Commerce by 8.1% during the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock worth $1,199,627,000 after acquiring an additional 1,872,709 shares during the period. TD Asset Management Inc lifted its position in Canadian Imperial Bank of Commerce by 13.8% during the 4th quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock worth $1,091,089,000 after acquiring an additional 2,730,076 shares during the period. National Bank of Canada FI lifted its position in Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after acquiring an additional 3,875,280 shares during the period. Finally, CIBC Asset Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 12.8% during the 4th quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock valued at $560,365,000 after buying an additional 1,313,996 shares during the last quarter. Institutional investors and hedge funds 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.