Canadian Imperial Bank of Commerce (NYSE:CM) Stock Price Down 4.2% – Should You Sell?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) dropped 4.2% on Thursday . The stock traded as low as $112.64 and last traded at $113.2330. 388,704 shares were traded during mid-day trading, a decline of 70% from the average session volume of 1,285,126 shares. The stock had previously closed at $118.20.

Analyst Upgrades and Downgrades

A number of research firms have commented on CM. Keefe, Bruyette & Woods assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They set a “market perform” rating for the company. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, July 31st. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

The firm has a market cap of $104.06 billion, a P/E ratio of 15.65, a PEG ratio of 1.23 and a beta of 1.01. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s 50-day moving average is $117.34 and its 200 day moving average is $108.84.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Institutional investors have recently modified their holdings of the business. Bell Investment Advisors Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth $36,000. EFG International AG acquired a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth $35,000. Larson Financial Group LLC increased its holdings in Canadian Imperial Bank of Commerce by 119.7% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at about $54,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Canadian Imperial Bank of Commerce by 2,758.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock valued at $75,000 after purchasing an additional 800 shares during the period. Institutional investors own 49.88% of the company’s stock.

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.