Clearbridge Investments LLC Reduces Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Clearbridge Investments LLC reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 890,479 shares of the bank’s stock after selling 26,943 shares during the quarter. Clearbridge Investments LLC owned approximately 0.09% of Canadian Imperial Bank of Commerce worth $42,337,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Gulf International Bank UK Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 3.8% during the first 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 in the last quarter. Simplicity Wealth LLC increased its stake in shares of Canadian Imperial Bank of Commerce by 3.9% in the 2nd 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. Bleakley Financial Group LLC lifted its position in Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock valued at $315,000 after acquiring an additional 314 shares during the period. 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. Finally, Ritholtz Wealth Management grew its holdings in Canadian Imperial Bank of Commerce by 7.4% in the second quarter. Ritholtz Wealth Management now owns 5,946 shares of the bank’s stock worth $283,000 after purchasing an additional 408 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Down 1.5 %

Canadian Imperial Bank of Commerce stock opened at $59.98 on Friday. The firm has a market cap of $56.56 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.86 and a beta of 1.07. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $62.67. The stock has a fifty day simple moving average of $56.36 and a two-hundred day simple moving average of $51.44.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping the consensus estimate of $1.74 by $0.19. The company had revenue of $6.60 billion during 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 period last year, the company earned $1.14 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a dividend of $0.652 per share. The ex-dividend date is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.35%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 54.73%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CM. BMO Capital Markets lifted 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 report on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” 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. Finally, StockNews.com upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Profile

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.