Korea Investment CORP Trims Position in Canadian Imperial Bank of Commerce $CM

Korea Investment CORP reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 601,725 shares of the bank’s stock after selling 89,796 shares during the period. Korea Investment CORP owned about 0.06% of Canadian Imperial Bank of Commerce worth $48,094,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Salem Investment Counselors Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $30,000. Toth Financial Advisory Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce in the third quarter valued at $32,000. AdvisorNet Financial Inc grew its position in shares of Canadian Imperial Bank of Commerce by 300.0% in the third quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock valued at $32,000 after purchasing an additional 300 shares during the period. Grey Fox Wealth Advisors LLC acquired a new position in Canadian Imperial Bank of Commerce in the third quarter valued at $34,000. Finally, Atlantic Union Bankshares Corp acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at $35,000. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on CM. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Down 0.7%

Shares of Canadian Imperial Bank of Commerce stock opened at $99.61 on Monday. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $105.00. The stock has a market cap of $92.08 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.03 and a beta of 1.00. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average price of $95.01 and a 200 day moving average price of $87.46.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, beating the consensus estimate of $1.74 by $0.25. The company had revenue of $6.16 billion for the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The firm’s revenue was up 15.3% compared to the same quarter last year. During the same period last year, the company posted $2.20 earnings per share. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 45.63%.

About Canadian Imperial Bank of Commerce

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.