Zacks Investment Research Lowers Canadian Imperial Bank of Commerce (CM) to Sell

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

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. “

A number of other analysts also recently issued reports on the stock. Canaccord Genuity reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday. Barclays reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, November 16th. ValuEngine downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Thursday, October 18th. Finally, TheStreet downgraded shares of Canadian Imperial Bank of Commerce from a “b-” rating to a “c+” rating in a report on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $122.00.

CM traded up $0.48 on Monday, reaching $85.78. The company had a trading volume of 198,700 shares, compared to its average volume of 366,599. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $37.74 billion, a P/E ratio of 9.65, a price-to-earnings-growth ratio of 1.60 and a beta of 1.18. Canadian Imperial Bank of Commerce has a fifty-two week low of $84.03 and a fifty-two week high of $100.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 23rd. The bank reported $3.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.22 by $0.86. The firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.39 billion. Canadian Imperial Bank of Commerce had a net margin of 21.27% and a return on equity of 17.77%. During the same quarter in the previous year, the firm posted $2.77 EPS. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 9.26 earnings per share for the current year.

Several institutional investors have recently modified their holdings of CM. HighPoint Advisor Group LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $195,000. Mawer Investment Management Ltd. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $205,000. Providence Wealth Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $214,000. Evercore Wealth Management LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $216,000. Finally, Iberiabank Corp bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $217,000. 46.36% 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 individual, small business, commercial, corporate, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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