United Services Automobile Association Lowers Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

United Services Automobile Association lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,469 shares of the bank’s stock after selling 739 shares during the period. United Services Automobile Association’s holdings in Canadian Imperial Bank of Commerce were worth $1,687,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Canadian Imperial Bank of Commerce by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock worth $1,696,331,000 after purchasing an additional 1,395,600 shares during the last quarter. M&G Plc purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $8,221,000. Cetera Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $1,278,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Canadian Imperial Bank of Commerce by 1,091.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock worth $13,477,000 after buying an additional 244,700 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Canadian Imperial Bank of Commerce by 47.0% in the 4th quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock worth $3,305,000 after buying an additional 21,833 shares in the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CM has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research report on Monday, June 3rd. UBS Group assumed coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE:CM opened at $60.53 on Tuesday. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $60.56. The firm has a 50 day moving average of $52.10 and a 200 day moving average of $49.86. The company has a market capitalization of $57.18 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.79 and a beta of 1.06. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion during 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 13.63%. Canadian Imperial Bank of Commerce’s revenue was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $1.14 earnings per share. On average, sell-side analysts predict 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 firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.31%. Canadian Imperial Bank of Commerce’s payout ratio is 54.32%.

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.