Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded at StockNews.com

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 report published on Tuesday morning.

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

Canadian Imperial Bank of Commerce Stock Up 0.2 %

CM stock opened at $61.81 on Tuesday. The stock has a market capitalization of $58.25 billion, a P/E ratio of 11.55, a P/E/G ratio of 1.66 and a beta of 1.05. The firm has a 50-day simple moving average of $63.82 and a 200-day simple moving average of $60.62. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52 week low of $43.86 and a 52 week high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 27th were issued a $0.6912 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. This represents a $2.76 annualized dividend and a dividend yield of 4.47%. The ex-dividend date of this dividend was Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 51.22%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of hedge funds have recently added to or reduced their stakes in CM. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Canadian Imperial Bank of Commerce by 14.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after buying an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $62,849,000. Public Sector Pension Investment Board lifted its holdings in Canadian Imperial Bank of Commerce by 32.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock worth $228,043,000 after buying an additional 900,575 shares in the last quarter. Alberta Investment Management Corp increased its position in shares of Canadian Imperial Bank of Commerce by 74.4% in the 4th quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after purchasing an additional 671,028 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Canadian Imperial Bank of Commerce by 23.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after purchasing an additional 601,234 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.