Canadian Imperial Bank of Commerce (TSE:CM) Upgraded at Royal Bank of Canada

Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) was upgraded by equities researchers at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage presently has a C$103.00 price target on the stock, up from their previous price target of C$97.00. Royal Bank of Canada’s price target would indicate a potential upside of 13.45% from the company’s previous close.

A number of other research analysts also recently commented on the stock. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from C$81.00 to C$99.00 in a research report on Monday, November 18th. Canaccord Genuity Group upped their target price on Canadian Imperial Bank of Commerce from C$92.00 to C$99.00 in a report on Friday, December 6th. UBS Group lifted their price target on Canadian Imperial Bank of Commerce from C$94.00 to C$102.00 in a report on Monday, December 16th. Scotiabank upped their price objective on Canadian Imperial Bank of Commerce from C$108.00 to C$114.00 in a research note on Friday, December 6th. Finally, Cormark lifted their target price on Canadian Imperial Bank of Commerce from C$99.00 to C$104.00 in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$95.08.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock traded up C$1.02 during mid-day trading on Wednesday, hitting C$90.79. The stock had a trading volume of 1,238,092 shares, compared to its average volume of 3,602,706. Canadian Imperial Bank of Commerce has a 12-month low of C$59.53 and a 12-month high of C$95.50. The firm’s 50-day moving average is C$90.89 and its two-hundred day moving average is C$80.09. The firm has a market capitalization of C$85.79 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 3.03 and a beta of 1.12.

Insider Buying and Selling

In other news, Senior Officer Robert Sedran sold 20,652 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of C$94.97, for a total value of C$1,961,227.51. Also, Senior Officer Susan Rimmer sold 1,000 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of C$93.14, for a total transaction of C$93,140.00. Insiders sold 177,012 shares of company stock worth $16,687,218 in the last 90 days. Insiders own 0.02% 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.