Canadian Imperial Bank of Commerce (NYSE:CM) Upgraded by StockNews.com to Hold Rating

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

Separately, Royal Bank of Canada upgraded Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $97.00 to $103.00 in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $92.00.

Canadian Imperial Bank of Commerce Trading Down 4.8 %

NYSE:CM opened at $59.97 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 fifty-two week low of $43.86 and a fifty-two week high of $67.45. The stock’s 50-day moving average is $64.05 and its two-hundred day moving average is $60.46. The stock has a market cap of $56.52 billion, a PE ratio of 11.21, a price-to-earnings-growth ratio of 1.66 and a beta of 1.05.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of institutional investors and hedge funds have recently modified their holdings of CM. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Canadian Imperial Bank of Commerce by 14.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after purchasing an additional 1,305,665 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at approximately $62,849,000. Public Sector Pension Investment Board increased its stake in Canadian Imperial Bank of Commerce by 32.0% in the third quarter. Public Sector Pension Investment Board now owns 3,713,539 shares of the bank’s stock valued at $228,043,000 after purchasing an additional 900,575 shares in the last quarter. Alberta Investment Management Corp increased its stake in Canadian Imperial Bank of Commerce by 74.4% in the fourth quarter. Alberta Investment Management Corp now owns 1,572,963 shares of the bank’s stock valued at $99,450,000 after purchasing an additional 671,028 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Canadian Imperial Bank of Commerce by 23.3% in the third quarter. The Manufacturers Life Insurance Company now owns 3,187,106 shares of the bank’s stock valued at $195,561,000 after purchasing an additional 601,234 shares in the last quarter. 49.88% of the stock is currently 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.