Canadian Imperial Bank of Commerce (NYSE:CM) Stake Trimmed by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 30.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,095 shares of the bank’s stock after selling 1,328 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Canadian Imperial Bank of Commerce were worth $147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CM. Ridgewood Investments LLC acquired a new position in Canadian Imperial Bank of Commerce during the second quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $51,000. Ninepoint Partners LP acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at $97,000. BNP Paribas Financial Markets acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $175,000. Finally, Independence Bank of Kentucky grew its holdings in shares of Canadian Imperial Bank of Commerce by 37.8% during the 1st quarter. Independence Bank of Kentucky now owns 3,646 shares of the bank’s stock valued at $185,000 after acquiring an additional 1,000 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CM has been the subject of a number of research reports. Desjardins raised 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 report on Friday, August 30th. BMO Capital Markets raised their price objective 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, August 30th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Finally, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $59.58 on Friday. The company has a market cap of $56.19 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.86 and a beta of 1.07. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $62.67. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $57.07 and a 200 day simple moving average of $51.73.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same period last year, the business posted $1.14 earnings per share. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 4.38%. Canadian Imperial Bank of Commerce’s payout ratio is 54.73%.

Canadian Imperial Bank of Commerce 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.