1832 Asset Management L.P. Reduces Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

1832 Asset Management L.P. decreased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 470,504 shares of the bank’s stock after selling 40,118 shares during the quarter. 1832 Asset Management L.P.’s holdings in Canadian Imperial Bank of Commerce were worth $22,368,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Gulf International Bank UK Ltd raised its holdings in shares of 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 acquiring an additional 236 shares during the period. Simplicity Wealth LLC boosted its holdings in Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock valued at $307,000 after purchasing an additional 240 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 5.3% in the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock valued at $315,000 after buying an additional 314 shares during the period. Lantz Financial LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 7.1% during the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock worth $277,000 after buying an additional 385 shares during the last quarter. Finally, Ritholtz Wealth Management raised its position in shares of Canadian Imperial Bank of Commerce by 7.4% during the 2nd quarter. Ritholtz Wealth Management now owns 5,946 shares of the bank’s stock valued at $283,000 after buying an additional 408 shares during the period. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

Shares of CM opened at $61.53 on Tuesday. The company’s 50-day simple moving average is $54.61 and its 200-day simple moving average is $50.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.06 and a current ratio of 1.06. Canadian Imperial Bank of Commerce has a 1 year low of $34.35 and a 1 year high of $62.01. The stock has a market capitalization of $58.03 billion, a PE ratio of 12.66, a P/E/G ratio of 1.85 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.14 EPS. Analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.24%. Canadian Imperial Bank of Commerce’s payout ratio is 54.73%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CM. StockNews.com raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets increased their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. Finally, UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.