Bank of Nova Scotia Trust Co. Sells 4,622 Shares of Canadian Imperial Bank of Commerce $CM

Bank of Nova Scotia Trust Co. lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 106,008 shares of the bank’s stock after selling 4,622 shares during the quarter. Bank of Nova Scotia Trust Co.’s holdings in Canadian Imperial Bank of Commerce were worth $7,509,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Truvestments Capital LLC acquired a new stake in Canadian Imperial Bank of Commerce during the first quarter worth $32,000. Ameritas Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $34,000. Atlantic Union Bankshares Corp bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $35,000. Elevation Point Wealth Partners LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $43,000. Finally, MAI Capital Management boosted its position in shares of Canadian Imperial Bank of Commerce by 57.5% during the 2nd quarter. MAI Capital Management now owns 737 shares of the bank’s stock valued at $52,000 after acquiring an additional 269 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $85.64 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $79.54 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 1.76 and a beta of 1.03. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $87.37. The firm’s 50-day moving average price is $82.63 and its two-hundred day moving average price is $75.69.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 earnings per share. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CM. Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a report on Tuesday. They issued a “market perform” rating for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

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.