Principal Financial Group Inc. Has $3.62 Million Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Principal Financial Group Inc. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.8% in the third quarter, HoldingsChannel reports. The fund owned 58,900 shares of the bank’s stock after selling 3,000 shares during the period. Principal Financial Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $3,616,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter worth approximately $175,000. Acadian Asset Management LLC increased its holdings in Canadian Imperial Bank of Commerce by 1,345.5% in the 1st quarter. Acadian Asset Management LLC now owns 31,800 shares of the bank’s stock valued at $1,613,000 after buying an additional 29,600 shares during the period. UniSuper Management Pty Ltd lifted its position in shares of Canadian Imperial Bank of Commerce by 94.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 13,200 shares of the bank’s stock worth $670,000 after buying an additional 6,400 shares during the last quarter. Capital International Inc. CA boosted its stake in shares of Canadian Imperial Bank of Commerce by 25.6% in the 1st quarter. Capital International Inc. CA now owns 45,672 shares of the bank’s stock valued at $2,316,000 after purchasing an additional 9,320 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Canadian Imperial Bank of Commerce by 4.6% during the first quarter. Janus Henderson Group PLC now owns 94,739 shares of the bank’s stock worth $4,808,000 after buying an additional 4,200 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Trading Up 0.6 %

NYSE CM opened at $65.26 on Friday. The company has a market capitalization of $61.64 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.86 and a beta of 1.06. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a twelve month low of $37.97 and a twelve month high of $65.49. The stock’s 50-day simple moving average is $62.36 and its two-hundred day simple moving average is $54.84.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly 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 business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.14 EPS. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a yield of 4.00%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 52.46%.

Analyst Ratings Changes

Several brokerages have issued reports on CM. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. BMO Capital Markets raised their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company 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 report on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce 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.