Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by 1832 Asset Management L.P.

1832 Asset Management L.P. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 32.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 510,622 shares of the bank’s stock after selling 243,523 shares during the period. 1832 Asset Management L.P. owned 0.05% of Canadian Imperial Bank of Commerce worth $25,899,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Janiczek Wealth Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 34.9% in the fourth quarter. Janiczek Wealth Management LLC now owns 859 shares of the bank’s stock valued at $41,000 after buying an additional 222 shares in the last quarter. Gulf International Bank UK Ltd lifted its position in shares of Canadian Imperial Bank of Commerce by 3.8% in 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. Glassman Wealth Services increased its holdings in Canadian Imperial Bank of Commerce by 57.5% in the 4th quarter. Glassman Wealth Services now owns 693 shares of the bank’s stock valued at $33,000 after buying an additional 253 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Canadian Imperial Bank of Commerce by 4.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock valued at $347,000 after buying an additional 300 shares in the last quarter. Finally, Bleakley Financial Group LLC boosted its position in Canadian Imperial Bank of Commerce by 5.3% in the first 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 in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 1.3 %

Shares of NYSE:CM traded up $0.68 during trading on Friday, reaching $51.21. 1,134,458 shares of the stock traded hands, compared to its average volume of 1,197,536. The stock has a market cap of $48.29 billion, a P/E ratio of 10.54, a price-to-earnings-growth ratio of 2.02 and a beta of 1.06. The stock has a 50-day moving average of $48.85 and a two-hundred day moving average of $48.09. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $51.35. 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 (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.22 by $0.07. The business had revenue of $4.54 billion for the quarter, compared to the consensus estimate of $4.48 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. As a group, sell-side analysts expect 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 declared a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Friday, June 28th will be given a dividend of $0.653 per share. This represents a $2.61 annualized dividend and a dividend yield of 5.10%. The ex-dividend date is Friday, June 28th. Canadian Imperial Bank of Commerce’s payout ratio is 54.32%.

Analyst Upgrades and Downgrades

CM has been the topic of several analyst reports. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $74.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Finally, StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $67.00.

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.