Sequoia Financial Advisors LLC Takes Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Sequoia Financial Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CMFree Report) (TSE:CM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,698 shares of the bank’s stock, valued at approximately $227,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CM. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter valued at $29,000. Blue Trust Inc. raised its position in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new stake in Canadian Imperial Bank of Commerce in the second quarter worth about $51,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares during the period. Finally, City State Bank purchased a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at approximately $61,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $63.17 on Wednesday. The company has a market cap of $59.57 billion, a PE ratio of 13.00, a P/E/G ratio of 1.82 and a beta of 1.07. The firm’s 50 day moving average price is $60.20 and its 200-day moving average price is $52.96. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52-week low of $34.85 and a 52-week high of $63.53.

Canadian Imperial Bank of Commerce (NYSE:CMGet Free Report) (TSE:CM) last announced its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The business 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 return on equity of 13.50% and a net margin of 10.66%. The business’s revenue was up 12.9% compared to the same quarter last year. During the same period last year, the business posted $1.14 EPS. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 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. Stockholders of record on Friday, September 27th were issued a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.73%.

Analyst Ratings Changes

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

View Our Latest Stock Analysis on CM

Canadian Imperial Bank of Commerce Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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