Canadian Imperial Bank of Commerce (NYSE:CM) Earns Sector Perform Rating from Royal Bank of Canada

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)‘s stock had its “sector perform” rating reiterated by Royal Bank of Canada in a research note issued to investors on Friday,Benzinga reports. They currently have a $97.00 price objective on the bank’s stock, up from their previous price objective of $74.00. Royal Bank of Canada’s price target indicates a potential upside of 45.21% from the company’s previous close.

CM has been the subject of several other reports. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. BMO Capital Markets boosted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

NYSE CM traded up $0.22 during trading on Friday, hitting $66.80. The stock had a trading volume of 75,161 shares, compared to its average volume of 1,360,952. The company has a market capitalization of $63.10 billion, a PE ratio of 13.12, a PEG ratio of 1.67 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average price of $62.99 and a 200 day moving average price of $55.94. Canadian Imperial Bank of Commerce has a twelve month low of $42.28 and a twelve month high of $67.12.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CM. Toronto Dominion Bank grew its holdings in Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Cetera Advisors LLC acquired a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at $1,278,000. Public Sector Pension Investment Board grew its holdings in Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares during the last quarter. Legal & General Group Plc grew its holdings in Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after purchasing an additional 228,130 shares during the last quarter. Finally, Ritholtz Wealth Management grew its holdings in Canadian Imperial Bank of Commerce by 140.6% in the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 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.