Royal Bank of Canada Upgrades Canadian Imperial Bank of Commerce (NYSE:CM) to “Outperform”

Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) from a sector perform rating to an outperform rating in a research note released on Wednesday, Marketbeat.com reports.

Separately, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $89.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $63.23 on Wednesday. The firm has a market cap of $59.59 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.78 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $43.86 and a fifty-two week high of $67.45. The company’s 50-day moving average price is $64.39 and its 200 day moving average price is $58.67. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 27th will be given a dividend of $0.6912 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.76 annualized dividend and a dividend yield of 4.37%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.65. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 53.46%.

Institutional Trading of Canadian Imperial Bank of Commerce

A number of large investors have recently made changes to their positions in the business. Toronto Dominion Bank increased its holdings in Canadian Imperial Bank of Commerce by 17.9% in the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares in the last quarter. Cibc World Market Inc. grew its holdings in Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after acquiring an additional 3,143,734 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Canadian Imperial Bank of Commerce by 61.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock valued at $334,321,000 after buying an additional 2,681,428 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Canadian Imperial Bank of Commerce by 14.0% during the 3rd 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 during the period. Finally, Zurich Insurance Group Ltd FI purchased a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth $62,849,000. 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.