Canadian Imperial Bank of Commerce (NYSE:CM) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note published on Thursday morning, MarketBeat Ratings reports. The firm issued a sector outperform rating on the bank’s stock.

Several other analysts have also issued reports on the stock. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. 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, April 21st. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Canadian Imperial Bank of Commerce Trading Up 0.8%

Shares of NYSE:CM opened at $66.27 on Thursday. The firm has a market capitalization of $62.30 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 1.62 and a beta of 1.06. The business’s 50 day moving average price is $59.39 and its 200-day moving average price is $61.72. 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 1 year low of $46.99 and a 1 year high of $67.45.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Friday, March 28th were given a $0.6723 dividend. This represents a $2.69 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date was Friday, March 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 48.03%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently bought and sold shares of CM. Crews Bank & Trust purchased a new position in Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $25,000. Operose Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at approximately $26,000. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce during the first quarter worth approximately $29,000. TruNorth Capital Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after buying an additional 312 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Canadian Imperial Bank of Commerce during the fourth quarter worth $30,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

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.