Maryland State Retirement & Pension System Sells 76,507 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Maryland State Retirement & Pension System lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 41.1% during the second quarter, Holdings Channel.com reports. The fund owned 109,685 shares of the bank’s stock after selling 76,507 shares during the period. Maryland State Retirement & Pension System’s holdings in Canadian Imperial Bank of Commerce were worth $5,216,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CM. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. Glassman Wealth Services lifted its position in shares of Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock worth $33,000 after purchasing an additional 253 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock worth $51,000 after purchasing an additional 908 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $51,000. Finally, Principal Securities Inc. purchased a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at about $64,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CM. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday. BMO Capital Markets lifted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday. Finally, UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average price target of $68.33.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

Shares of Canadian Imperial Bank of Commerce stock opened at $58.44 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $55.11 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $59.10. The company has a 50-day simple moving average of $50.77 and a two-hundred day simple moving average of $49.25.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same period in the previous year, the company earned $1.14 earnings per share. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a $0.652 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.46%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.12%.

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.