Canadian Imperial Bank of Commerce (NYSE:CM) Downgraded by StockNews.com to Sell

StockNews.com lowered shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a sell rating in a research report released on Monday.

Separately, Royal Bank of Canada reissued a “sector perform” rating and issued a $97.00 target price (up previously from $74.00) on shares of Canadian Imperial Bank of Commerce in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Stock Up 1.2 %

CM opened at $63.23 on Monday. 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 12 month low of $43.86 and a 12 month high of $67.45. The stock has a market capitalization of $59.59 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.78 and a beta of 1.06. The business has a 50 day simple moving average of $64.39 and a 200-day simple moving average of $58.67.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be given a dividend of $0.6912 per share. This represents a $2.76 dividend on an annualized basis and a yield of 4.37%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, December 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 53.46%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CM. Versant Capital Management Inc grew its stake in Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after acquiring an additional 663 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Canadian Imperial Bank of Commerce by 6.1% in the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 4.4% during the 3rd quarter. Franklin Resources Inc. now owns 880,838 shares of the bank’s stock worth $54,606,000 after purchasing an additional 37,419 shares in the last quarter. Hobbs Group Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 675.8% in the 3rd quarter. Hobbs Group Advisors LLC now owns 2,211 shares of the bank’s stock valued at $136,000 after buying an additional 1,926 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock valued at $262,598,000 after buying an additional 336,854 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

About Canadian Imperial Bank of Commerce

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.