PNC Financial Services Group Inc. Has $1.94 Million Stake in Canadian Imperial Bank of Commerce $CM

PNC Financial Services Group Inc. lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 29.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,230 shares of the bank’s stock after selling 10,289 shares during the period. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,936,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CM. Brown Advisory Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after buying an additional 160 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Checchi Capital Advisers LLC now owns 4,799 shares of the bank’s stock worth $383,000 after acquiring an additional 169 shares during the period. Pacifica Partners Inc. raised its holdings in Canadian Imperial Bank of Commerce by 12.1% in the 3rd quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock valued at $141,000 after acquiring an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after acquiring an additional 193 shares during the period. Finally, Baron Wealth Management LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 7.0% during the 3rd quarter. Baron Wealth Management LLC now owns 3,364 shares of the bank’s stock valued at $269,000 after acquiring an additional 221 shares during the period. 49.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CM shares. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, January 21st. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

CM stock opened at $99.56 on Monday. The stock has a market cap of $92.25 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 1.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day simple moving average of $93.41 and a 200 day simple moving average of $85.52. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $99.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the firm posted $1.91 earnings per share. The company’s revenue was up 14.5% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, December 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is currently 50.25%.

Canadian Imperial Bank of Commerce Profile

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.