Canadian Imperial Bank of Commerce (NYSE:CM) Cut to Sell at StockNews.com

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Several other research firms also recently weighed in on CM. Royal Bank of Canada raised shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $97.00 to $103.00 in a report on Wednesday, January 8th. Jefferies Financial Group lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 0.6 %

CM opened at $60.18 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $46.50 and a 12 month high of $67.45. The stock’s 50 day moving average price is $58.00 and its 200 day moving average price is $61.53. The stock has a market cap of $56.58 billion, a P/E ratio of 11.25, a P/E/G ratio of 1.62 and a beta of 0.98.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CM. State Street Corp bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $227,000. Franklin Resources Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during 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 last quarter. JPMorgan Chase & Co. boosted its position in shares of Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank’s stock valued at $359,320,000 after purchasing an additional 334,545 shares during the period. Versant Capital Management Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 1,069.4% in the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank’s stock valued at $46,000 after purchasing an additional 663 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank’s stock worth $255,000 after purchasing an additional 194 shares in the last quarter. Institutional investors and hedge funds 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.