DekaBank Deutsche Girozentrale Cuts Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

DekaBank Deutsche Girozentrale cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 207,845 shares of the bank’s stock after selling 19,229 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Canadian Imperial Bank of Commerce were worth $12,593,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CM. Toronto Dominion Bank raised its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. National Bank of Canada FI raised its stake in Canadian Imperial Bank of Commerce by 26.8% in the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock valued at $867,377,000 after buying an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 18.9% during the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock worth $938,834,000 after buying an additional 3,143,734 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Canadian Imperial Bank of Commerce by 61.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank’s stock worth $334,321,000 after buying an additional 2,681,428 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Canadian Imperial Bank of Commerce by 41.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank’s stock worth $283,642,000 after acquiring an additional 1,634,651 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $63.17 on Wednesday. The company has a market capitalization of $59.57 billion, a price-to-earnings ratio of 13.00, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. Canadian Imperial Bank of Commerce has a fifty-two week low of $34.85 and a fifty-two week high of $63.53. The firm has a 50-day simple moving average of $60.20 and a 200-day simple moving average of $52.96. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the business posted $1.14 EPS. On average, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 54.73%.

Analyst Ratings Changes

CM has been the subject of several recent analyst reports. BMO Capital Markets boosted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. UBS Group initiated coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Finally, Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.00.

About Canadian Imperial Bank of Commerce

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.