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

Zacks Research upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $91.82 on Wednesday. The business’s 50-day moving average is $87.93 and its two-hundred day moving average is $79.95. The company has a market capitalization of $85.28 billion, a P/E ratio of 15.08, a P/E/G ratio of 1.23 and a beta of 1.02. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $94.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the firm posted $1.91 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.7%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Salem Investment Counselors Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $30,000. Toth Financial Advisory Corp purchased a new position in shares of Canadian Imperial Bank of Commerce in the third quarter valued at approximately $32,000. AdvisorNet Financial Inc boosted its stake in shares of Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after acquiring an additional 300 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Canadian Imperial Bank of Commerce by 119.7% during the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares in the last quarter. Finally, Grey Fox Wealth Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $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.