Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sector perform rating to an outperform rating in a report released on Wednesday, MarketBeat reports. They currently have $103.00 price objective on the bank’s stock, up from their previous price objective of $97.00.

Separately, StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Hold” and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Down 1.6 %

CM opened at $62.06 on Wednesday. The business has a 50 day moving average of $64.38 and a 200-day moving average of $58.79. The stock has a market capitalization of $58.49 billion, a price-to-earnings ratio of 11.60, a P/E/G ratio of 1.78 and a beta of 1.06. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 1-year low of $43.86 and a 1-year high of $67.45.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 27th will be given a $0.6912 dividend. This represents a $2.76 annualized dividend and a yield of 4.45%. The ex-dividend date of this dividend is Friday, December 27th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 51.21%.

Institutional Trading of Canadian Imperial Bank of Commerce

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $44,000. Blue Trust Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after buying an additional 623 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Canadian Imperial Bank of Commerce by 1,069.4% in the fourth quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after buying an additional 663 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares during the last quarter. Finally, City State Bank acquired a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter worth $61,000. 49.88% of the stock is owned by institutional investors.

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.