Barclays downgraded shares of Canadian Imperial Bank of Commerce (TSE:CM) (NYSE:CM) from an overweight rating to an equal weight rating in a research report sent to investors on Tuesday morning, BayStreet.CA reports. The brokerage currently has C$113.00 target price on the stock, down from their prior target price of C$120.00.

A number of other brokerages have also recently issued reports on CM. Desjardins cut shares of Canadian Imperial Bank of Commerce from a buy rating to a hold rating and dropped their price target for the stock from C$125.00 to C$118.00 in a research note on Thursday, May 23rd. National Bank Financial dropped their price target on shares of Canadian Imperial Bank of Commerce from C$122.00 to C$120.00 and set a sector perform rating on the stock in a research note on Friday, March 1st. TD Securities dropped their price target on shares of Canadian Imperial Bank of Commerce from C$140.00 to C$135.00 and set a buy rating on the stock in a research note on Friday, March 1st. CSFB set a C$116.00 price target on shares of Canadian Imperial Bank of Commerce and gave the stock a neutral rating in a research note on Thursday, May 16th. Finally, Canaccord Genuity upped their price target on shares of Canadian Imperial Bank of Commerce from C$115.00 to C$121.00 in a research note on Wednesday, May 15th. Six investment analysts have rated the stock with a hold rating, The stock has a consensus rating of Hold and a consensus target price of C$119.25.

TSE:CM opened at C$103.56 on Tuesday. The stock has a market capitalization of $46.02 billion and a PE ratio of 9.12. Canadian Imperial Bank of Commerce has a 1-year low of C$99.51 and a 1-year high of C$125.21.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date is Thursday, June 27th. Canadian Imperial Bank of Commerce’s payout ratio is 47.98%.

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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

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