Marshall Wace LLP Decreases Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Marshall Wace LLP lowered its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 556,864 shares of the bank’s stock after selling 42,970 shares during the period. Marshall Wace LLP owned approximately 0.06% of Canadian Imperial Bank of Commerce worth $26,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CM. Public Sector Pension Investment Board boosted its stake in Canadian Imperial Bank of Commerce by 1.3% during the second quarter. Public Sector Pension Investment Board now owns 2,812,964 shares of the bank’s stock valued at $133,725,000 after buying an additional 37,082 shares during the last quarter. Ensign Peak Advisors Inc boosted its position in Canadian Imperial Bank of Commerce by 2.3% during the second quarter. Ensign Peak Advisors Inc now owns 61,500 shares of the bank’s stock valued at $3,031,000 after purchasing an additional 1,400 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Canadian Imperial Bank of Commerce by 6.8% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 8,568 shares of the bank’s stock valued at $407,000 after buying an additional 543 shares in the last quarter. Intech Investment Management LLC raised its stake in Canadian Imperial Bank of Commerce by 180.3% in the 2nd quarter. Intech Investment Management LLC now owns 185,663 shares of the bank’s stock worth $8,826,000 after acquiring an additional 119,421 shares during the last quarter. Finally, Leuthold Group LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $4,600,000. 49.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on CM shares. Desjardins upgraded 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 upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. StockNews.com upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, UBS Group began coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $62.22 on Friday. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $62.67. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $58.77 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.86 and a beta of 1.07. The business has a 50 day simple moving average of $55.08 and a 200 day simple moving average of $50.97.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results 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 return on equity of 13.50% and a net margin of 10.66%. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the prior year, the firm posted $1.14 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.32%.

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.