Park Place Capital Corp Cuts Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Park Place Capital Corp lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,398 shares of the bank’s stock after selling 1,004 shares during the quarter. Park Place Capital Corp’s holdings in Canadian Imperial Bank of Commerce were worth $331,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ridgewood Investments LLC bought a new position in Canadian Imperial Bank of Commerce in the second quarter worth $29,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Canadian Imperial Bank of Commerce in the second quarter worth about $51,000. Massmutual Trust Co. FSB ADV boosted its position in Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after purchasing an additional 171 shares during the last quarter. Ninepoint Partners LP bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $97,000. Finally, BNP Paribas Financial Markets bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth about $175,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CM shares. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They issued a “neutral” rating for the company. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Tuesday. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Finally, BMO Capital Markets lifted their target price on 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. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $60.08 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $62.67. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $56.65 billion, a PE ratio of 12.36, a P/E/G ratio of 1.86 and a beta of 1.07. The stock has a 50 day moving average price of $56.72 and a 200 day moving average price of $51.60.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping the consensus estimate of $1.74 by $0.19. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the business posted $1.14 earnings per share. Equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS 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 Monday, October 28th. Stockholders of record on Friday, September 27th will be given a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 54.73%.

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.