Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Separately, Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Trading Up 2.9 %

NYSE:CM opened at $61.68 on Tuesday. The firm has a market capitalization of $58.13 billion, a P/E ratio of 11.53, a PEG ratio of 1.66 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a one year low of $43.86 and a one year high of $67.45. The company’s 50-day simple moving average is $63.94 and its 200 day simple moving average is $60.53.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th were paid a dividend of $0.6912 per share. This represents a $2.76 annualized dividend and a yield of 4.48%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 51.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CM. Crews Bank & Trust bought a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. IFP Advisors Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 318.1% in the fourth quarter. IFP Advisors Inc now owns 531 shares of the bank’s stock worth $34,000 after acquiring an additional 404 shares during the period. BNP Paribas Financial Markets purchased a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at $44,000. Blue Trust Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after acquiring an additional 623 shares during the period. Finally, Versant Capital Management Inc boosted its position in Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock worth $46,000 after purchasing an additional 663 shares during the last quarter. 49.88% of the stock is 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.