Canadian Imperial Bank of Commerce (NYSE:CM) Coverage Initiated by Analysts at UBS Group

UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) in a research note published on Tuesday morning, MarketBeat.com reports. The firm issued a neutral rating on the bank’s stock.

CM has been the topic of several other reports. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a hold rating to a sell rating in a report on Thursday, June 20th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an outperform rating in a research note on Friday, May 31st. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a market perform rating to an outperform rating in a report on Monday, June 3rd. Finally, Barclays assumed coverage on Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an underweight rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $67.00.

Canadian Imperial Bank of Commerce Stock Up 0.9 %

CM stock opened at $48.46 on Tuesday. Canadian Imperial Bank of Commerce has a 1-year low of $34.35 and a 1-year high of $51.14. The business’s 50 day simple moving average is $48.38 and its 200 day simple moving average is $47.85. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $45.70 billion, a PE ratio of 9.97, a PEG ratio of 1.89 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.22 by $0.07. The firm had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. As a group, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be paid a $0.653 dividend. This represents a $2.61 annualized dividend and a dividend yield of 5.39%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 53.70%.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Advisors LLC bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $1,278,000. Cetera Investment Advisers raised its position in Canadian Imperial Bank of Commerce by 59.7% during the first quarter. Cetera Investment Advisers now owns 47,872 shares of the bank’s stock valued at $2,428,000 after purchasing an additional 17,894 shares in the last quarter. Atria Investments Inc raised its position in Canadian Imperial Bank of Commerce by 2.6% during the first quarter. Atria Investments Inc now owns 27,609 shares of the bank’s stock valued at $1,400,000 after purchasing an additional 691 shares in the last quarter. Murchinson Ltd. bought a new stake in Canadian Imperial Bank of Commerce during the first quarter worth $3,988,000. Finally, Janus Henderson Group PLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 4.6% in the 1st quarter. Janus Henderson Group PLC now owns 94,739 shares of the bank’s stock valued at $4,808,000 after purchasing an additional 4,200 shares in the last quarter. 49.88% of the stock is 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.