Canadian Imperial Bank of Commerce (TSE:CM) Cut to “Hold” at Desjardins

Desjardins cut shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from a buy rating to a hold rating in a research report released on Wednesday, Marketbeat Ratings reports. Desjardins currently has C$173.00 target price on the stock, up from their prior target price of C$160.00.

A number of other brokerages have also commented on CM. Scotiabank boosted their price objective on shares of Canadian Imperial Bank of Commerce from C$155.00 to C$157.00 and gave the stock a “sector perform” rating in a research report on Tuesday, June 16th. Raymond James Financial reduced their price target on Canadian Imperial Bank of Commerce from C$157.50 to C$155.50 and set a “market perform” rating for the company in a research report on Friday, May 29th. National Bank Financial raised their price target on Canadian Imperial Bank of Commerce from C$150.00 to C$152.00 and gave the company a “sector perform” rating in a research note on Friday, May 15th. Jefferies Financial Group upped their price objective on Canadian Imperial Bank of Commerce from C$136.00 to C$143.00 in a research note on Wednesday, May 20th. Finally, TD reduced their price target on Canadian Imperial Bank of Commerce from C$166.00 to C$163.00 and set a “buy” rating for the company in a report on Friday, May 29th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$154.77.

Canadian Imperial Bank of Commerce Stock Down 0.2%

Shares of CM stock opened at C$165.64 on Wednesday. The stock has a 50 day moving average of C$161.88 and a 200-day moving average of C$147.30. The firm has a market cap of C$151.20 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 3.03 and a beta of 1.40. Canadian Imperial Bank of Commerce has a 12 month low of C$99.12 and a 12 month high of C$171.64.

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) last issued its quarterly earnings results on Thursday, May 28th. The company reported C$2.54 earnings per share (EPS) for the quarter. Canadian Imperial Bank of Commerce had a return on equity of 15.24% and a net margin of 18.44%.The firm had revenue of C$8.01 billion for the quarter. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 6.4127341 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Tuesday, July 28th were issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Monday, June 29th. Canadian Imperial Bank of Commerce’s payout ratio is currently 40.48%.

Insider Buying and Selling

In related news, insider Stephen Alan Scholtz sold 6,000 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of C$162.70, for a total transaction of C$976,200.00. Also, insider Amy Florence South sold 1,086 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of C$162.15, for a total value of C$176,094.90. Over the last three months, insiders have sold 17,776 shares of company stock worth $2,817,744. Corporate insiders own 0.02% of the company’s stock.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.