First County Bank CT Trims Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

First County Bank CT lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,963 shares of the bank’s stock after selling 2,074 shares during the quarter. First County Bank CT’s holdings in Canadian Imperial Bank of Commerce were worth $1,041,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CM. Toronto Dominion Bank lifted its stake in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Cetera Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $1,278,000. Legal & General Group Plc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after buying an additional 228,130 shares in the last quarter. Ritholtz Wealth Management grew its position in shares of Canadian Imperial Bank of Commerce by 140.6% in the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock worth $878,000 after buying an additional 8,362 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after acquiring an additional 375,837 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $65.26 on Friday. The company has a 50 day moving average price of $62.36 and a 200-day moving average price of $54.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Canadian Imperial Bank of Commerce has a 1-year low of $37.97 and a 1-year high of $65.49. The firm has a market cap of $61.64 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.86 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 earnings per share. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.46%.

Analyst Ratings Changes

CM has been the subject of several recent analyst reports. BMO Capital Markets raised their target price 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. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Finally, StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $81.00.

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.