First County Bank CT Has $905,000 Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

First County Bank CT lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.9% in the second quarter, HoldingsChannel.com reports. The fund owned 19,037 shares of the bank’s stock after selling 3,075 shares during the quarter. First County Bank CT’s holdings in Canadian Imperial Bank of Commerce were worth $905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CM. Gulf International Bank UK Ltd boosted its position in Canadian Imperial Bank of Commerce by 3.8% during the first quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after purchasing an additional 236 shares during the period. Simplicity Wealth LLC grew its stake in Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after buying an additional 240 shares during the last quarter. Bleakley Financial Group LLC grew its stake in Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock valued at $315,000 after buying an additional 314 shares during the last quarter. Lantz Financial LLC raised its holdings in Canadian Imperial Bank of Commerce by 7.1% in the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock valued at $277,000 after acquiring an additional 385 shares during the period. Finally, Ritholtz Wealth Management lifted its position in Canadian Imperial Bank of Commerce by 7.4% during the second quarter. Ritholtz Wealth Management now owns 5,946 shares of the bank’s stock worth $283,000 after acquiring an additional 408 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CM. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets upped 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 note on Friday, August 30th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Friday, August 30th. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Stock Up 0.4 %

Shares of NYSE CM opened at $62.22 on Friday. The stock’s fifty day moving average is $55.32 and its 200 day moving average is $51.05. The stock has a market capitalization of $58.77 billion, a P/E ratio of 12.80, a PEG ratio of 1.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $62.67.

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 (EPS) for the quarter, beating 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 13.50%. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same period last year, the firm posted $1.14 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share 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 of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.19%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 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.