Letko Brosseau & Associates Inc. Sells 28,620 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Letko Brosseau & Associates Inc. reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,351,825 shares of the bank’s stock after selling 28,620 shares during the quarter. Canadian Imperial Bank of Commerce makes up about 2.1% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 15th largest position. Letko Brosseau & Associates Inc. owned 0.25% of Canadian Imperial Bank of Commerce worth $111,803,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Gulf International Bank UK Ltd boosted its stake in shares of Canadian Imperial Bank of Commerce by 3.8% in the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock valued at $324,000 after purchasing an additional 236 shares during the last quarter. Simplicity Wealth LLC boosted its stake in Canadian Imperial Bank of Commerce by 3.9% during the second quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after acquiring an additional 240 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Canadian Imperial Bank of Commerce by 4.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,200 shares of the bank’s stock worth $347,000 after acquiring an additional 300 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in Canadian Imperial Bank of Commerce by 5.3% during the first quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock worth $315,000 after acquiring an additional 314 shares in the last quarter. Finally, Lantz Financial LLC boosted its stake in Canadian Imperial Bank of Commerce by 7.1% during the second quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock worth $277,000 after acquiring an additional 385 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on CM shares. Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. StockNews.com raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. UBS Group began coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, BMO Capital Markets raised their price objective on shares of 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. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Down 0.7 %

Shares of CM traded down $0.41 during trading hours on Friday, reaching $59.32. 1,479,916 shares of the stock traded hands, compared to its average volume of 1,474,334. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $51.83 and a 200 day simple moving average of $49.72. Canadian Imperial Bank of Commerce has a 52 week low of $34.35 and a 52 week high of $60.48. The company has a market cap of $55.94 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 2.17 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period last year, the firm earned $1.14 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.57 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be given a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.40%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 53.50%.

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.