Intech Investment Management LLC Cuts Stock Position in Canadian Imperial Bank of Commerce $CM

Intech Investment Management LLC trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 267,110 shares of the bank’s stock after selling 8,849 shares during the period. Intech Investment Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $18,922,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Truvestments Capital LLC purchased a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $32,000. Ameritas Advisory Services LLC acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $34,000. Atlantic Union Bankshares Corp purchased a new position in Canadian Imperial Bank of Commerce in the second quarter worth $35,000. Penserra Capital Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 1,177.8% during the second quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank’s stock worth $72,000 after purchasing an additional 954 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Canadian Imperial Bank of Commerce by 576.9% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,638 shares of the bank’s stock valued at $92,000 after purchasing an additional 1,396 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CM shares. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 1.1%

Canadian Imperial Bank of Commerce stock opened at $87.13 on Friday. The business’s 50-day simple moving average is $81.63 and its two-hundred day simple moving average is $74.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $80.92 billion, a PE ratio of 14.72, a PEG ratio of 1.76 and a beta of 1.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $87.29.

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

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th were paid a $0.97 dividend. The ex-dividend date was Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 47.64%.

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.