Zacks Investment Research Downgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Strong Sell

Zacks Investment Research downgraded shares of Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) from a hold rating to a strong sell rating in a research note issued to investors on Thursday morning, Zacks.com reports.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

CM has been the topic of a number of other research reports. Scotiabank lifted their target price on Canadian Imperial Bank of Commerce from C$83.00 to C$91.00 in a research report on Friday, February 18th. StockNews.com initiated coverage on Canadian Imperial Bank of Commerce in a report on Thursday, March 31st. They set a hold rating on the stock. Stifel Europe raised their price target on Canadian Imperial Bank of Commerce from C$86.00 to C$87.00 and gave the stock a hold rating in a report on Tuesday, March 1st. Stifel Nicolaus lowered their price target on Canadian Imperial Bank of Commerce from C$87.00 to C$86.00 and set a hold rating on the stock in a report on Friday, April 8th. Finally, Bank of America lowered Canadian Imperial Bank of Commerce from a buy rating to a neutral rating in a report on Tuesday, May 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $82.42.

CM opened at $53.45 on Thursday. The business’s 50-day simple moving average is $59.25 and its 200-day simple moving average is $60.13. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.03. Canadian Imperial Bank of Commerce has a one year low of $51.14 and a one year high of $66.24. The stock has a market capitalization of $48.24 billion, a P/E ratio of 9.30, a price-to-earnings-growth ratio of 2.82 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last posted its earnings results on Friday, February 25th. The bank reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 16.72% and a net margin of 28.15%. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the firm earned $1.39 earnings per share. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.37 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, April 28th. Stockholders of record on Monday, March 28th were paid a dividend of $0.6335 per share. This represents a $2.53 annualized dividend and a dividend yield of 4.74%. The ex-dividend date was Friday, March 25th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 44.17%.

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 13.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,163,637 shares of the bank’s stock worth $129,300,000 after acquiring an additional 136,519 shares in the last quarter. MARSHALL WACE ASIA Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce by 36.3% during the 3rd quarter. MARSHALL WACE ASIA Ltd now owns 703,780 shares of the bank’s stock worth $78,331,000 after acquiring an additional 187,454 shares in the last quarter. Balyasny Asset Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 87.8% during the 3rd quarter. Balyasny Asset Management LLC now owns 5,544 shares of the bank’s stock worth $617,000 after acquiring an additional 2,592 shares in the last quarter. Intact Investment Management Inc. boosted its stake in shares of Canadian Imperial Bank of Commerce by 37.8% during the 3rd quarter. Intact Investment Management Inc. now owns 608,220 shares of the bank’s stock worth $85,747,000 after acquiring an additional 166,800 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. Invesco Ltd. now owns 713,303 shares of the bank’s stock worth $79,393,000 after acquiring an additional 8,032 shares in the last quarter. 43.66% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Imperial Bank of Commerce (Get Rating)

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 four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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