Canadian Imperial Bank of Commerce $CM Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 85.4% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,753 shares of the bank’s stock after selling 21,967 shares during the period. DAVENPORT & Co LLC’s holdings in Canadian Imperial Bank of Commerce were worth $300,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CM. American Century Companies Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 10.8% in the 2nd quarter. American Century Companies Inc. now owns 348,986 shares of the bank’s stock valued at $24,772,000 after purchasing an additional 33,908 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during the second quarter. Legal & General Group Plc now owns 6,183,439 shares of the bank’s stock worth $438,056,000 after purchasing an additional 262,675 shares during the period. Westerkirk Capital Inc. purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $3,379,000. AGF Management Ltd. grew its position in Canadian Imperial Bank of Commerce by 15.2% in the 2nd quarter. AGF Management Ltd. now owns 881,521 shares of the bank’s stock valued at $62,908,000 after buying an additional 116,190 shares during the last quarter. Finally, Cumberland Partners Ltd increased its stake in Canadian Imperial Bank of Commerce by 50.0% in the 2nd quarter. Cumberland Partners Ltd now owns 14,407 shares of the bank’s stock valued at $1,021,000 after buying an additional 4,800 shares during the period. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They issued a “market perform” rating on the stock. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Down 0.2%

Shares of NYSE CM opened at $91.52 on Wednesday. The stock has a market capitalization of $85.00 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 1.25 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $94.16. The firm has a 50-day moving average price of $87.37 and a 200 day moving average price of $79.64. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the business posted $1.91 earnings per share. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be issued a dividend of $1.07 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. This represents a $4.28 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Monday, December 29th. Canadian Imperial Bank of Commerce’s payout ratio is presently 50.25%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.