Canadian Imperial Bank of Commerce $CM Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 85.4% during the third quarter, Holdings Channel.com reports. The fund owned 3,753 shares of the bank’s stock after selling 21,967 shares during the period. DAVENPORT & Co LLC’s holdings in Canadian Imperial Bank of Commerce were worth $300,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Trexquant Investment LP acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $299,000. Baird Financial Group Inc. lifted its stake in Canadian Imperial Bank of Commerce by 32.3% in the 1st quarter. Baird Financial Group Inc. now owns 40,130 shares of the bank’s stock valued at $2,259,000 after buying an additional 9,798 shares in the last quarter. PDT Partners LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at $3,839,000. Federation des caisses Desjardins du Quebec increased its position in Canadian Imperial Bank of Commerce by 3.6% during the first quarter. Federation des caisses Desjardins du Quebec now owns 4,021,652 shares of the bank’s stock worth $225,870,000 after buying an additional 139,645 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock worth $292,032,000 after acquiring an additional 4,160,938 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 0.2%

Shares of NYSE:CM opened at $91.52 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market cap of $85.00 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.25 and a beta of 1.02. The stock’s 50-day moving average price is $87.37 and its two-hundred day moving average price is $79.64. Canadian Imperial Bank of Commerce has a 12-month low of $53.62 and a 12-month high of $94.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the company posted $1.91 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th will be issued a $1.07 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date is Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 50.25%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CM. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Finally, Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce 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.