Wall Street Zen Downgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Sell

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Sunday.

A number of other research firms have also commented on CM. Royal Bank Of Canada raised their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $82.95 on Friday. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $83.03. The business has a fifty day moving average price of $79.14 and a 200-day moving average price of $71.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $77.11 billion, a P/E ratio of 14.01, a PEG ratio of 1.75 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter last year, the company earned $1.93 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently made changes to their positions in CM. American Century Companies Inc. lifted its stake in Canadian Imperial Bank of Commerce by 5.3% in the first quarter. American Century Companies Inc. now owns 315,078 shares of the bank’s stock worth $17,724,000 after purchasing an additional 15,867 shares during the last quarter. MQS Management LLC bought a new stake in Canadian Imperial Bank of Commerce in the first quarter worth $536,000. Cerity Partners LLC boosted its holdings in Canadian Imperial Bank of Commerce by 110.7% during the 1st quarter. Cerity Partners LLC now owns 32,559 shares of the bank’s stock valued at $1,833,000 after acquiring an additional 17,103 shares during the period. Bank of New York Mellon Corp boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 878,426 shares of the bank’s stock valued at $49,455,000 after acquiring an additional 9,623 shares during the period. Finally, Asahi Life Asset Management CO. LTD. purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $390,000. 49.88% of the stock is currently owned by institutional investors.

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.