Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a hold rating to a buy rating in a research report released on Tuesday, July 18th. Zacks Investment Research currently has $95.00 price target on the bank’s stock.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

Several other brokerages have also weighed in on CM. BidaskClub raised Canadian Imperial Bank of Commerce from a strong sell rating to a sell rating in a report on Tuesday, June 13th. Canaccord Genuity initiated coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 18th. They issued a buy rating for the company. National Bank Financial reissued an outperform overweight rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 18th. Finally, Credit Suisse Group upgraded Canadian Imperial Bank of Commerce from an underperform rating to a neutral rating in a research note on Friday, March 31st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Canadian Imperial Bank of Commerce has a consensus rating of Hold and an average target price of $100.63.

Canadian Imperial Bank of Commerce (NYSE:CM) traded up 0.25% during mid-day trading on Tuesday, hitting $84.16. 455,247 shares of the stock were exchanged. Canadian Imperial Bank of Commerce has a 1-year low of $72.62 and a 1-year high of $92.22. The company has a market capitalization of $33.80 billion, a PE ratio of 8.80 and a beta of 1.09. The stock has a 50 day moving average price of $84.22 and a 200 day moving average price of $84.05.

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The firm also recently declared a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Wednesday, June 28th were given a dividend of $0.9406 per share. The ex-dividend date was Monday, June 26th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.47%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 41.18%.

Hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its stake in shares of Canadian Imperial Bank of Commerce by 55.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,474 shares of the bank’s stock worth $120,000 after buying an additional 526 shares during the period. INR Advisory Services LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $125,000. Opera Trading Capital acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $136,000. Nationwide Fund Advisors acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $138,000. Finally, Parallel Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 7.2% in the first quarter. Parallel Advisors LLC now owns 1,915 shares of the bank’s stock worth $152,000 after buying an additional 129 shares during the period. Hedge funds and other institutional investors own 48.19% of the company’s stock.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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