Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Reaffirmed by Canaccord Genuity

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)‘s stock had its “hold” rating restated by Canaccord Genuity in a report issued on Wednesday, TipRanks reports. They currently have a $162.00 target price on the bank’s stock. Canaccord Genuity’s price objective would indicate a potential upside of 37.71% from the stock’s previous close.

Several other analysts have also recently commented on CM. Scotiabank raised their price objective on shares of Canadian Imperial Bank of Commerce from C$166.00 to C$168.00 and gave the company an “outperform” rating in a research note on Friday, August 27th. Desjardins raised their price objective on shares of Canadian Imperial Bank of Commerce from C$150.00 to C$154.00 and gave the company a “hold” rating in a research note on Monday, August 30th. Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating and set a $134.00 target price for the company in a report on Wednesday, November 10th. CIBC raised their target price on shares of Canadian Imperial Bank of Commerce from C$159.00 to C$168.00 and gave the company an “outperform” rating in a report on Friday, August 27th. Finally, BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from C$160.00 to C$165.00 and gave the company an “outperform” rating in a report on Friday, August 27th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Buy” and an average target price of $158.22.

CM stock opened at $117.64 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $83.93 and a one year high of $123.13. The stock has a market capitalization of $53.04 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.93 and a beta of 1.11. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The company has a fifty day moving average of $117.56 and a 200-day moving average of $116.23.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Wednesday, August 25th. The bank reported $3.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.65 by $1.28. Canadian Imperial Bank of Commerce had a net margin of 26.13% and a return on equity of 16.40%. The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.96 billion. During the same quarter last year, the business earned $2.71 EPS. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 11.54 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in Canadian Imperial Bank of Commerce by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 600,999 shares of the bank’s stock valued at $66,891,000 after buying an additional 4,015 shares in the last quarter. Captrust Financial Advisors lifted its position in Canadian Imperial Bank of Commerce by 3.8% during the third quarter. Captrust Financial Advisors now owns 2,521 shares of the bank’s stock valued at $284,000 after buying an additional 93 shares in the last quarter. Cetera Advisors LLC lifted its position in Canadian Imperial Bank of Commerce by 12.0% during the third quarter. Cetera Advisors LLC now owns 2,884 shares of the bank’s stock valued at $321,000 after buying an additional 310 shares in the last quarter. Cetera Advisor Networks LLC lifted its position in Canadian Imperial Bank of Commerce by 21.5% during the third quarter. Cetera Advisor Networks LLC now owns 3,176 shares of the bank’s stock valued at $353,000 after buying an additional 563 shares in the last quarter. Finally, Corient Capital Partners LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 34.0% during the third quarter. Corient Capital Partners LLC now owns 2,396 shares of the bank’s stock worth $267,000 after purchasing an additional 608 shares in the last quarter. 42.89% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

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

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