PNC Financial Services Group Inc. Sells 10,289 Shares of Canadian Imperial Bank of Commerce $CM

PNC Financial Services Group Inc. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 29.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,230 shares of the bank’s stock after selling 10,289 shares during the period. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,936,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the third quarter valued at $30,000. Toth Financial Advisory Corp acquired a new stake in Canadian Imperial Bank of Commerce in the third quarter valued at $32,000. AdvisorNet Financial Inc raised its position in Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after purchasing an additional 300 shares during the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth about $34,000. Finally, Atlantic Union Bankshares Corp acquired a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth about $35,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Raymond James Financial initiated 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. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Barclays raised shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $99.56 on Monday. The firm has a 50 day moving average of $93.41 and a 200-day moving average of $85.52. The company has a market cap of $92.25 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.29 and a beta of 1.02. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $99.62.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.91 EPS. On average, equities analysts forecast 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were given a dividend of $1.07 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.3%. Canadian Imperial Bank of Commerce’s payout ratio is currently 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.