CenterBook Partners LP Cuts Position in Canadian Imperial Bank of Commerce $CM

CenterBook Partners LP reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 62.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 5,119 shares of the bank’s stock after selling 8,580 shares during the period. CenterBook Partners LP’s holdings in Canadian Imperial Bank of Commerce were worth $409,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CM. Salem Investment Counselors Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at about $30,000. Toth Financial Advisory Corp purchased a new position in Canadian Imperial Bank of Commerce in the third quarter valued at about $32,000. AdvisorNet Financial Inc lifted its position 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 valued at $32,000 after acquiring an additional 300 shares during the period. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $34,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating for the company. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 1.5%

Shares of NYSE CM opened at $99.56 on Friday. The firm has a market cap of $92.25 billion, a P/E ratio of 16.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. 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 1 year low of $53.62 and a 1 year high of $99.62. The firm’s 50 day moving average price is $93.41 and its 200 day moving average price is $85.43.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the company posted $1.91 EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 declared a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, December 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Canadian Imperial Bank of Commerce Company 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.