Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Trimmed by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 427,812 shares of the bank’s stock after selling 11,165 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $24,086,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Operose Advisors LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $26,000. HM Payson & Co. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $29,000. Sandy Spring Bank acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $32,000. Lee Danner & Bass Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $44,000. Finally, Private Trust Co. NA grew its stake in shares of Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after purchasing an additional 223 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $72.05 on Wednesday. The firm has a fifty day simple moving average of $68.68 and a 200-day simple moving average of $63.12. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 1-year low of $47.55 and a 1-year high of $73.52. The stock has a market capitalization of $67.24 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.57 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, May 29th. The bank reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.10. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a net margin of 12.19% and a return on equity of 14.51%. Canadian Imperial Bank of Commerce’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.75 earnings per share. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be issued a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, June 27th. This represents a $2.81 annualized dividend and a dividend yield of 3.90%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 49.56%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CM. BMO Capital Markets lifted their target price on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Jefferies Financial Group downgraded shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Monday, April 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, May 24th. Scotiabank began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They issued a “sector outperform” rating on the stock. Finally, Royal Bank Of Canada lifted their target price on shares of Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $109.00.

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.