Scotiabank Keeps a Hold Rating on Canadian Imperial Bank (CM)

By Austin Angelo

In a latest note to investors, a research analyst has provided a rating update for the Financial sector company, Canadian Imperial Bank (CMResearch Report). Scotiabank’s analyst Sumit Malhotra reiterates their Hold rating on the shares, with a C$126 price target.

According to TipRanks.com, Malhotra is a 4-star analyst with an average return of 5.4% and a 60.1% success rate. Malhotra covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.

Canadian Imperial Bank has an analyst consensus of Moderate Buy, with a price target consensus of C$125.71.

Canadian Imperial Bank’s market cap is currently C$50.45B and has a P/E ratio of 9.6. The company has a Price to Book ratio of 1.54.

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other. The Canadian Personal and Small Business Banking segment provides personal and business clients with financial advice, products, and services. The Canadian Commercial Banking and Wealth Management segment offers banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth individuals, and families, as well as asset management services to institutional investors. The U.S. Commercial Banking and Wealth Management segment includes commercial, personal and small business banking, and wealth management services. The Capital Markets segment consists of integrated global markets products and services, investment banking advisory and execution, corporate banking and top ranked research to corporate, government and, institutional clients. The Corporate and Other segment refers to the functional groups such as administration, client connectivity and innovation, finance, human resources and communications, internal audit, risk management, technology and operations, and other support groups. The company was founded on June 1, 1961 and is headquartered in Toronto, Canada.

The company’s shares closed on Thursday at C$113.92.