Citigroup Inc. Has $21.64 Million Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Citigroup Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 352,332 shares of the bank’s stock after acquiring an additional 17,457 shares during the period. Citigroup Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $21,636,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV increased its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after acquiring an additional 171 shares in the last quarter. PDS Planning Inc increased its stake in Canadian Imperial Bank of Commerce by 4.7% during the 3rd quarter. PDS Planning Inc now owns 4,978 shares of the bank’s stock valued at $305,000 after purchasing an additional 224 shares in the last quarter. Simplicity Wealth LLC raised its holdings in Canadian Imperial Bank of Commerce by 3.9% during the second quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after buying an additional 240 shares during the last quarter. Prospera Private Wealth LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 3.2% in the third quarter. Prospera Private Wealth LLC now owns 10,486 shares of the bank’s stock valued at $643,000 after buying an additional 330 shares in the last quarter. Finally, First Bank & Trust grew its holdings in shares of Canadian Imperial Bank of Commerce by 0.8% during the third quarter. First Bank & Trust now owns 41,646 shares of the bank’s stock valued at $2,555,000 after buying an additional 351 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 1.0 %

CM opened at $64.74 on Wednesday. The business’s fifty day simple moving average is $62.58 and its 200 day simple moving average is $55.27. Canadian Imperial Bank of Commerce has a 52 week low of $37.97 and a 52 week high of $65.89. 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 stock has a market cap of $61.15 billion, a PE ratio of 12.72, a P/E/G ratio of 1.71 and a beta of 1.06.

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 company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the prior year, the company earned $1.14 EPS. The firm’s revenue was up 12.9% on a year-over-year basis. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were given a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.46%.

Analyst Ratings Changes

CM has been the subject of a number of analyst reports. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note 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. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a 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 report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.00.

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.