Citigroup Inc. Sells 86,380 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Citigroup Inc. cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 20.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 328,962 shares of the bank’s stock after selling 86,380 shares during the period. Citigroup Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $14,061,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CM. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 8.8% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 8,361 shares of the bank’s stock worth $1,017,000 after buying an additional 674 shares during the last quarter. US Bancorp DE grew its holdings in Canadian Imperial Bank of Commerce by 14.7% during the 1st quarter. US Bancorp DE now owns 4,323 shares of the bank’s stock valued at $527,000 after purchasing an additional 554 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Canadian Imperial Bank of Commerce by 24.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,630 shares of the bank’s stock valued at $807,000 after purchasing an additional 1,287 shares during the last quarter. Private Advisor Group LLC grew its holdings in Canadian Imperial Bank of Commerce by 20.4% during the 1st quarter. Private Advisor Group LLC now owns 4,512 shares of the bank’s stock valued at $549,000 after purchasing an additional 763 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Canadian Imperial Bank of Commerce by 6.4% during the 1st quarter. BlackRock Inc. now owns 308,427 shares of the bank’s stock valued at $37,532,000 after purchasing an additional 18,653 shares during the last quarter. 43.72% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM stock opened at $39.57 on Tuesday. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $48.80. The company’s 50-day simple moving average is $38.01 and its two-hundred day simple moving average is $40.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $36.84 billion, a P/E ratio of 10.78, a P/E/G ratio of 2.63 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 31st. The bank reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.11). Canadian Imperial Bank of Commerce had a net margin of 9.26% and a return on equity of 13.29%. The firm had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.29 billion. As a group, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 4.95 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Thursday, September 28th were given a dividend of $0.657 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Wednesday, September 27th. This represents a $2.63 dividend on an annualized basis and a yield of 6.64%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 70.03%.

Analyst Ratings Changes

Several equities analysts recently commented on CM shares. BMO Capital Markets cut their price target on shares of Canadian Imperial Bank of Commerce from $69.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, September 1st. Royal Bank of Canada cut their price target on shares of Canadian Imperial Bank of Commerce from $72.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, September 1st. Barclays cut their price target on shares of Canadian Imperial Bank of Commerce from $58.00 to $57.00 and set an “equal weight” rating on the stock in a report on Friday, September 1st. Finally, StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday, September 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.50.

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.