Canadian Imperial Bank of Commerce (NYSE:CM) Stock Rating Upgraded by Zacks Research

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Trading Down 0.8%

Canadian Imperial Bank of Commerce stock opened at $100.37 on Wednesday. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $105.00. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $92.79 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.05 and a beta of 1.00. The firm has a 50-day moving average price of $94.88 and a two-hundred day moving average price of $87.08.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, beating the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.20%. Canadian Imperial Bank of Commerce’s revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.20 earnings per share. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Canerector Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares in the last quarter. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $958,383,000. Mackenzie Financial Corp lifted its stake in Canadian Imperial Bank of Commerce by 69.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock valued at $986,173,000 after purchasing an additional 4,419,968 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Canadian Imperial Bank of Commerce by 130.2% during the second quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after buying an additional 4,160,060 shares in the last quarter. Finally, FIL Ltd boosted its holdings in Canadian Imperial Bank of Commerce by 26.1% during the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after buying an additional 2,643,495 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.