Capital Group Private Client Services Inc. Cuts Holdings in Canadian Imperial Bank of Commerce $CM

Capital Group Private Client Services Inc. lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 87.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,592 shares of the bank’s stock after selling 17,959 shares during the period. Capital Group Private Client Services Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $207,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CM. Sivia Capital Partners LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at about $262,000. Atlantic Union Bankshares Corp acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $35,000. Savant Capital LLC increased its position in shares of Canadian Imperial Bank of Commerce by 21.7% in the second quarter. Savant Capital LLC now owns 20,253 shares of the bank’s stock valued at $1,435,000 after buying an additional 3,610 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 1,177.8% in the second quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank’s stock valued at $72,000 after buying an additional 954 shares in the last quarter. Finally, Vise Technologies Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $1,822,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CM shares. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 4th. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $99.09 on Thursday. The stock has a market capitalization of $91.60 billion, a P/E ratio of 14.44, a PEG ratio of 1.03 and a beta of 1.00. The business has a 50 day simple moving average of $95.46 and a two-hundred day simple moving average of $87.90. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The firm had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. During the same period in the previous year, the company posted $2.20 earnings per share. The business’s revenue was up 15.3% on a year-over-year basis. As a group, analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Friday, March 27th. Canadian Imperial Bank of Commerce’s payout ratio is 45.63%.

Canadian Imperial Bank of Commerce Company 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.