Canadian Imperial Bank of Commerce $CM Shares Sold by J. Safra Sarasin Holding AG

J. Safra Sarasin Holding AG cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 69.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 8,396 shares of the bank’s stock after selling 19,062 shares during the period. J. Safra Sarasin Holding AG’s holdings in Canadian Imperial Bank of Commerce were worth $671,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CM. Salem Investment Counselors Inc. acquired a new stake in Canadian Imperial Bank of Commerce in the 3rd quarter worth about $30,000. Toth Financial Advisory Corp purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth about $32,000. AdvisorNet Financial Inc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after acquiring an additional 300 shares during the period. Ameritas Advisory Services LLC purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $34,000. Finally, Grey Fox Wealth Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce during the third quarter worth approximately $34,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 2.2%

Canadian Imperial Bank of Commerce stock opened at $95.14 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a one year low of $53.62 and a one year high of $95.20. The company has a 50-day simple moving average of $90.81 and a 200-day simple moving average of $82.76. The firm has a market capitalization of $88.16 billion, a P/E ratio of 15.62, a P/E/G ratio of 1.27 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, beating 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 firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period last year, the firm posted $1.91 EPS. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Investors of record on Monday, December 29th were issued a $1.07 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 50.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CM shares. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note 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 report on Monday, November 3rd. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 31st. Finally, Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

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.