Canadian Imperial Bank of Commerce $CM Stake Reduced by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.9% in the first quarter, Holdings Channel.com reports. The fund owned 2,978,994 shares of the bank’s stock after selling 186,975 shares during the period. Dimensional Fund Advisors LP’s holdings in Canadian Imperial Bank of Commerce were worth $282,203,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sivia Capital Partners LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $262,000. EverSource Wealth Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 12.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after purchasing an additional 193 shares during the last quarter. Brown Advisory Inc. lifted its stake in Canadian Imperial Bank of Commerce by 2.6% during the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after purchasing an additional 160 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in Canadian Imperial Bank of Commerce by 74.6% during the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock worth $23,833,000 after buying an additional 143,588 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 7,315.0% during the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock worth $210,000 after buying an additional 2,926 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CM. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $117.83 on Thursday. The firm has a market capitalization of $107.56 billion, a P/E ratio of 16.19, a PEG ratio of 1.27 and a beta of 1.02. The stock has a fifty day moving average of $113.82 and a 200-day moving average of $104.20. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12-month low of $71.00 and a 12-month high of $122.50.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. The firm had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the previous year, the firm posted $2.05 earnings per share. The firm’s revenue was up 14.0% on a year-over-year basis. Equities analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 42.58%.

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.