Commonwealth Equity Services LLC Has $1.14 Million Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Commonwealth Equity Services LLC trimmed its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,063 shares of the bank’s stock after selling 524 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Canadian Imperial Bank of Commerce were worth $1,144,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Canadian Imperial Bank of Commerce by 1.9% in the first quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock worth $1,821,520,000 after buying an additional 675,786 shares during the last quarter. Bank of Nova Scotia lifted its position in Canadian Imperial Bank of Commerce by 8.1% during the 4th quarter. Bank of Nova Scotia now owns 24,915,095 shares of the bank’s stock worth $1,199,627,000 after acquiring an additional 1,872,709 shares during the last quarter. TD Asset Management Inc grew its position in shares of Canadian Imperial Bank of Commerce by 13.8% in the fourth quarter. TD Asset Management Inc now owns 22,550,346 shares of the bank’s stock valued at $1,091,089,000 after purchasing an additional 2,730,076 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Canadian Imperial Bank of Commerce by 12.8% in the fourth quarter. CIBC Asset Management Inc now owns 11,601,044 shares of the bank’s stock worth $560,365,000 after purchasing an additional 1,313,996 shares during the period. Finally, Norges Bank acquired a new position in shares of Canadian Imperial Bank of Commerce during the 4th quarter worth about $404,008,000. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CM. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Finally, Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $61.53 on Tuesday. The firm has a market cap of $58.02 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. The firm’s 50-day simple moving average is $53.38 and its 200-day simple moving average is $50.37. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $61.90. 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 released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The company’s revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.14 EPS. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced 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 of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.24%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

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.