Comerica Bank Trims Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Comerica Bank lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,701 shares of the bank’s stock after selling 259 shares during the quarter. Comerica Bank’s holdings in Canadian Imperial Bank of Commerce were worth $1,335,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CM. Raymond James Financial Services Advisors Inc. increased its position in Canadian Imperial Bank of Commerce by 8.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock valued at $1,017,000 after acquiring an additional 674 shares during the last quarter. US Bancorp DE increased its position in Canadian Imperial Bank of Commerce by 14.7% during the first quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock valued at $527,000 after acquiring an additional 554 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Canadian Imperial Bank of Commerce by 24.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock valued at $807,000 after purchasing an additional 1,287 shares during the period. Private Advisor Group LLC grew its holdings in Canadian Imperial Bank of Commerce by 20.4% during the first quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock valued at $549,000 after purchasing an additional 763 shares during the period. Finally, BlackRock Inc. grew its holdings in Canadian Imperial Bank of Commerce by 6.4% during the first quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock valued at $37,532,000 after purchasing an additional 18,653 shares during the period. Hedge funds and other institutional investors own 44.40% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $43.54 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $39.46 billion, a P/E ratio of 8.31, a P/E/G ratio of 2.82 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 12 month low of $39.40 and a 12 month high of $65.89. The business’s 50-day moving average is $43.51 and its 200 day moving average is $45.96.

Canadian Imperial Bank of Commerce (NYSE:CMGet Rating) (TSE:CM) last posted its earnings results on Thursday, December 1st. The bank reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.21). The firm had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.36 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.81% and a net margin of 19.88%. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.05 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Investors of record on Wednesday, December 28th will be given a $0.627 dividend. The ex-dividend date of this dividend is Tuesday, December 27th. This represents a $2.51 dividend on an annualized basis and a dividend yield of 5.76%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 48.28%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. National Bank Financial lowered Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Thursday, December 1st. Credit Suisse Group lowered Canadian Imperial Bank of Commerce from an “outperform” rating to a “neutral” rating in a report on Friday, December 9th. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Thursday, December 22nd. Bank of America lowered Canadian Imperial Bank of Commerce from a “neutral” rating to an “underperform” rating in a research note on Monday, December 12th. Finally, CIBC raised Canadian Imperial Bank of Commerce from a “sector perform” rating to an “outperform” rating and dropped their price objective for the stock from C$67.00 to C$61.00 in a research note on Tuesday, December 20th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $79.30.

About Canadian Imperial Bank of Commerce

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

Further Reading

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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