TD Securities Upgrades Canadian Imperial Bank of Commerce (CM) to Buy

TD Securities upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a buy rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. The firm currently has $120.00 target price on the bank’s stock.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Canadian Imperial Bank of Commerce from a hold rating to a buy rating and set a $95.00 price target on the stock in a research note on Tuesday, July 18th. Canaccord Genuity initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 18th. They set a buy rating on the stock. BidaskClub raised shares of Canadian Imperial Bank of Commerce from a hold rating to a buy rating in a research note on Thursday, July 13th. Finally, National Bank Financial reissued an outperform overweight rating on shares of Canadian Imperial Bank of Commerce in a research note on Thursday, May 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Canadian Imperial Bank of Commerce currently has a consensus rating of Hold and an average target price of $101.80.

Shares of Canadian Imperial Bank of Commerce (CM) opened at 86.66 on Wednesday. The firm has a market capitalization of $37.78 billion, a P/E ratio of 9.99 and a beta of 1.08. Canadian Imperial Bank of Commerce has a 52-week low of $72.62 and a 52-week high of $92.22. The firm has a 50-day moving average price of $85.25 and a 200-day moving average price of $83.76.

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The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Thursday, September 28th will be paid a dividend of $1.0329 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.94. This represents a $4.13 annualized dividend and a dividend yield of 4.77%. The ex-dividend date is Wednesday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 45.25%.

A number of hedge funds have recently made changes to their positions in CM. Vanguard Group Inc. boosted its stake in Canadian Imperial Bank of Commerce by 16.4% in the second quarter. Vanguard Group Inc. now owns 9,859,474 shares of the bank’s stock valued at $800,194,000 after acquiring an additional 1,391,019 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Canadian Imperial Bank of Commerce by 494.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,426,039 shares of the bank’s stock valued at $115,738,000 after acquiring an additional 1,186,052 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Canadian Imperial Bank of Commerce by 63.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,876,904 shares of the bank’s stock valued at $233,390,000 after acquiring an additional 1,115,584 shares during the last quarter. Intact Investment Management Inc. boosted its stake in Canadian Imperial Bank of Commerce by 130.9% in the second quarter. Intact Investment Management Inc. now owns 1,635,780 shares of the bank’s stock valued at $172,117,000 after acquiring an additional 927,280 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Canadian Imperial Bank of Commerce by 100.8% in the second quarter. Goldman Sachs Group Inc. now owns 1,813,405 shares of the bank’s stock valued at $147,176,000 after acquiring an additional 910,173 shares during the last quarter. 46.47% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

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