Canadian Imperial Bank of Commerce $CM Stock Position Lowered by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 30.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,395 shares of the bank’s stock after selling 8,484 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,838,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. EFG International AG bought a new stake in Canadian Imperial Bank of Commerce in the fourth quarter worth about $35,000. Larson Financial Group LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after purchasing an additional 219 shares during the last quarter. Lodestone Wealth Management LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth approximately $37,000. Global Assets Advisory LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $54,000. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Canadian Imperial Bank of Commerce by 2,758.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock worth $75,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 3.0%

NYSE:CM opened at $116.26 on Thursday. The business’s fifty day moving average price is $114.35 and its 200 day moving average price is $105.12. The firm has a market capitalization of $106.12 billion, a price-to-earnings ratio of 15.97, a PEG ratio of 1.29 and a beta of 1.02. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 1-year low of $71.00 and a 1-year high of $122.50.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were paid a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 42.58%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CM. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, June 1st. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, July 15th. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Monday, June 1st. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Canadian Imperial Bank of Commerce Company Profile

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.