Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “CIBC is a leading North American financial institution that offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. It offers these services through two distinct business lines: CIBC Retail Markets and CIBC World Markets. The former comprises CIBC’s personal, business banking and wealth businesses. It provides a full range of financial products and services to personal, business and wealth management clients, as well as investment management services globally to retail and institutional clients. CIBC is headquartered in Toronto, Canada. “

A number of other brokerages have also recently commented on CM. Scotiabank reiterated a “sector perform” rating and issued a $105.00 price target (up previously from $102.00) on shares of Canadian Imperial Bank of Commerce in a research note on Monday, August 29th. RBC Capital Markets reiterated a “sector perform” rating and issued a $112.00 price target (up previously from $104.00) on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 26th. Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $104.00 to $112.00 and gave the company a “sector perform” rating in a research note on Friday, August 26th. Bank of America Corp. started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 1st. They issued an “underperform” rating and a $72.00 price target for the company. Finally, Desjardins reiterated a “buy” rating and issued a $110.00 price target (up previously from $109.00) on shares of Canadian Imperial Bank of Commerce in a research note on Monday, August 29th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and an average price target of $99.07.

Analyst Recommendations for Canadian Imperial Bank of Commerce (NYSE:CM)

Canadian Imperial Bank of Commerce (NYSE:CM) traded up 0.46% during mid-day trading on Tuesday, reaching $78.94. The company’s stock had a trading volume of 781,342 shares. The company has a market cap of $31.17 billion, a PE ratio of 10.35 and a beta of 1.06. The firm’s 50 day moving average is $75.89 and its 200-day moving average is $77.08. Canadian Imperial Bank of Commerce has a 12-month low of $56.29 and a 12-month high of $82.60.

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Large investors have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 3.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,136,637 shares of the company’s stock worth $84,983,000 after buying an additional 35,622 shares during the last quarter. Boston Advisors LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 3.1% in the second quarter. Boston Advisors LLC now owns 6,650 shares of the company’s stock worth $499,000 after buying an additional 200 shares during the last quarter. Trutina Financial LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $1,443,000. Daiwa Securities Group Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $2,934,000. Finally, CIBC World Markets Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 5.9% in the second quarter. CIBC World Markets Inc. now owns 1,486,908 shares of the company’s stock worth $111,622,000 after buying an additional 82,571 shares during the last quarter. Hedge funds and other institutional investors own 52.80% of the company’s stock.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a global financial institution. The Company provides a range of financial products and services to approximately 11 million individual, small business, commercial, corporate and institutional clients in Canada and around the world. The Company operates through three segments: Retail and Business Banking, Wealth Management and Capital Markets.

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