Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 58,900 shares of the bank’s stock after selling 3,000 shares during the quarter. Principal Financial Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,616,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CM. Toronto Dominion Bank boosted its holdings in Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. Cetera Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce during the first quarter worth $1,278,000. Legal & General Group Plc raised its position in Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in Canadian Imperial Bank of Commerce by 140.6% in the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after acquiring an additional 8,362 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter worth $175,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CM shares. Cormark upgraded 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 upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. BMO Capital Markets upped 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 research note on Friday, August 30th. Finally, StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.6 %

Shares of Canadian Imperial Bank of Commerce stock opened at $65.26 on Friday. The firm has a market cap of $61.64 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.86 and a beta of 1.06. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.49. The business has a fifty day simple moving average of $62.36 and a 200-day simple moving average of $54.84. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.14 earnings per share. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 52.46%.

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.