Canadian Imperial Bank of Commerce (NYSE:CM) Trading Up 5.1% – Still a Buy?

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM)’s share price was up 5.1% during trading on Thursday . The company traded as high as $67.12 and last traded at $66.85. Approximately 756,813 shares were traded during trading, a decline of 44% from the average daily volume of 1,360,712 shares. The stock had previously closed at $63.62.

Analysts Set New Price Targets

CM has been the topic of several recent research reports. BMO Capital Markets upped their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a 50-day moving average of $62.90 and a 200-day moving average of $55.86. The stock has a market cap of $62.68 billion, a PE ratio of 12.50, a PEG ratio of 1.67 and a beta of 1.06.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Several institutional investors have recently added to or reduced their stakes in CM. Toronto Dominion Bank grew its holdings in Canadian Imperial Bank of Commerce by 17.9% during the 2nd 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. National Bank of Canada FI boosted its holdings in shares of Canadian Imperial Bank of Commerce by 26.8% in the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after purchasing an additional 3,875,280 shares during the period. Cibc World Market Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after purchasing an additional 3,143,734 shares during the period. 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 worth $334,321,000 after purchasing an additional 2,681,428 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% in 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. Hedge funds and other institutional investors own 49.88% of the company’s stock.

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.