Canadian Imperial Bank of Commerce (NYSE:CM) Shares Acquired by Ritholtz Wealth Management

Ritholtz Wealth Management grew its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 140.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,308 shares of the bank’s stock after acquiring an additional 8,362 shares during the period. Ritholtz Wealth Management’s holdings in Canadian Imperial Bank of Commerce were worth $878,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CM. Vanguard Group Inc. increased its position in Canadian Imperial Bank of Commerce by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock worth $1,696,331,000 after purchasing an additional 1,395,600 shares during the last quarter. Park Avenue Securities LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 11.8% during the first quarter. Park Avenue Securities LLC now owns 9,078 shares of the bank’s stock worth $460,000 after purchasing an additional 955 shares during the period. Nexus Investment Management ULC lifted its holdings in Canadian Imperial Bank of Commerce by 0.8% in the first quarter. Nexus Investment Management ULC now owns 72,529 shares of the bank’s stock worth $3,680,000 after acquiring an additional 563 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in Canadian Imperial Bank of Commerce by 3.8% during the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after buying an additional 236 shares during the last quarter. Finally, Affinity Capital Advisors LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth about $431,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.7 %

Shares of NYSE CM opened at $60.53 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average is $57.71 and its 200-day moving average is $51.95. Canadian Imperial Bank of Commerce has a twelve month low of $34.35 and a twelve month high of $62.67. The stock has a market cap of $57.08 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 1.82 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued 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 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 the consensus estimate of $6.28 billion. During the same period in the previous year, the company earned $1.14 earnings per share. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. Equities research 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. Shareholders of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.31%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.73%.

Analyst Upgrades and Downgrades

CM has been the topic of several recent analyst reports. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Tuesday, October 8th. 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. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Finally, 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. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $81.00.

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.