Canadian Imperial Bank of Commerce (NYSE:CM) Rating Increased to Outperform 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 research note released on Wednesday, MarketBeat Ratings reports.

Separately, StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $89.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $63.23 on Wednesday. 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. The stock has a market capitalization of $59.59 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. The stock’s 50-day moving average price is $64.39 and its 200-day moving average price is $58.67.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be paid a $0.6912 dividend. This represents a $2.76 annualized dividend and a yield of 4.37%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, December 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 53.46%.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc boosted its stake in shares of 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 worth $46,000 after buying an additional 663 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock worth $359,320,000 after buying an additional 334,545 shares during the period. Franklin Resources Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 4.4% in the third quarter. Franklin Resources Inc. now owns 880,838 shares of the bank’s stock valued at $54,606,000 after purchasing an additional 37,419 shares during the period. Hobbs Group Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 675.8% in the third quarter. Hobbs Group Advisors LLC now owns 2,211 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,926 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Canadian Imperial Bank of Commerce by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,245,235 shares of the bank’s stock worth $262,598,000 after buying an additional 336,854 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

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.