Headlands Technologies LLC Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Headlands Technologies LLC lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,008 shares of the bank’s stock after selling 1,289 shares during the quarter. Headlands Technologies LLC’s holdings in Canadian Imperial Bank of Commerce were worth $381,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CM. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. EverSource Wealth Advisors LLC boosted its position in Canadian Imperial Bank of Commerce by 574.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank’s stock valued at $51,000 after acquiring an additional 908 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $51,000. Principal Securities Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $64,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter valued at approximately $107,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.5 %

Shares of Canadian Imperial Bank of Commerce stock opened at $60.93 on Friday. The company has a 50-day simple moving average of $52.85 and a two-hundred day simple moving average of $50.11. The stock has a market capitalization of $57.46 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.79 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 $61.25. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the business earned $1.14 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.28%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 53.50%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CM shares. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating on the stock. StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. BMO Capital Markets boosted their price objective on shares of 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. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.00.

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.