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

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

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $97.00 price target (up from $74.00) on shares of Canadian Imperial Bank of Commerce in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.00.

Canadian Imperial Bank of Commerce Trading Up 0.7 %

Shares of CM traded up $0.47 during trading hours on Monday, hitting $63.17. The stock had a trading volume of 688,835 shares, compared to its average volume of 605,845. The firm has a market cap of $59.53 billion, a P/E ratio of 11.81, a P/E/G ratio of 1.78 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company’s fifty day simple moving average is $64.40 and its 200 day simple moving average is $58.53. Canadian Imperial Bank of Commerce has a 12-month low of $43.86 and a 12-month high of $67.45.

Institutional Investors Weigh In On Canadian Imperial Bank of Commerce

A number of institutional investors have recently modified their holdings of CM. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the third quarter valued at $44,000. Blue Trust Inc. raised its stake in Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares during the period. Versant Capital Management Inc lifted its holdings in 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 acquiring an additional 663 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares during the period. Finally, City State Bank bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $61,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

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.