Principal Financial Group Inc. Sells 700 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Principal Financial Group Inc. lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,900 shares of the bank’s stock after selling 700 shares during the quarter. Principal Financial Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $2,582,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Private Trust Co. NA raised its holdings in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock valued at $44,000 after buying an additional 223 shares in the last quarter. Rossby Financial LCC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at about $150,000. Smith Group Asset Management LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 18.6% during the 1st quarter. Smith Group Asset Management LLC now owns 91,470 shares of the bank’s stock valued at $5,150,000 after buying an additional 14,370 shares in the last quarter. Gold Investment Management Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.7% during the 1st quarter. Gold Investment Management Ltd. now owns 56,625 shares of the bank’s stock valued at $3,187,000 after buying an additional 1,508 shares in the last quarter. Finally, Achmea Investment Management B.V. raised its holdings in shares of Canadian Imperial Bank of Commerce by 18.1% during the 1st quarter. Achmea Investment Management B.V. now owns 384,637 shares of the bank’s stock valued at $21,633,000 after buying an additional 58,970 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. National Bank Financial cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. Finally, Wall Street Zen cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $109.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $73.29 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The business’s 50 day simple moving average is $69.23 and its two-hundred day simple moving average is $63.32. The stock has a market capitalization of $68.40 billion, a P/E ratio of 12.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. Canadian Imperial Bank of Commerce has a one year low of $47.55 and a one year high of $73.52.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, May 29th. The bank reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.10. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company earned $1.75 EPS. Analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 28th. Stockholders of record on Friday, June 27th will be given a $0.7024 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. This represents a $2.81 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Friday, June 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 49.56%.

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.