Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Tobam

Tobam decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,774 shares of the bank’s stock after selling 1,011 shares during the quarter. Tobam’s holdings in Canadian Imperial Bank of Commerce were worth $274,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $51,000. Atomi Financial Group Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 21.7% in the 2nd quarter. Atomi Financial Group Inc. now owns 5,561 shares of the bank’s stock worth $264,000 after purchasing an additional 992 shares during the last quarter. Raymond James Trust N.A. increased its position in shares of Canadian Imperial Bank of Commerce by 4.5% in the 2nd quarter. Raymond James Trust N.A. now owns 15,212 shares of the bank’s stock worth $723,000 after purchasing an additional 662 shares during the last quarter. Finally, Nexus Investment Management ULC increased its position in shares of Canadian Imperial Bank of Commerce by 0.7% in the 2nd quarter. Nexus Investment Management ULC now owns 73,030 shares of the bank’s stock worth $3,470,000 after purchasing an additional 501 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock traded up $0.77 during mid-day trading on Friday, reaching $58.28. 993,475 shares of the stock were exchanged, compared to its average volume of 1,465,166. The company has a market cap of $54.96 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The firm has a 50-day simple moving average of $50.35 and a 200 day simple moving average of $49.10. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.35 and a fifty-two week high of $59.10.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.07. The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Canadian Imperial Bank of Commerce had a net margin of 10.46% and a return on equity of 13.06%. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed 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. This represents a $2.61 annualized dividend and a yield of 4.47%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 54.12%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CM. Keefe, Bruyette & Woods raised 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 started coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Hold” and a consensus target price of $68.33.

Canadian Imperial Bank of Commerce Company 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.