Procyon Advisors LLC Sells 299 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Procyon Advisors LLC decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 4.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,883 shares of the bank’s stock after selling 299 shares during the quarter. Procyon Advisors LLC’s holdings in Canadian Imperial Bank of Commerce were worth $422,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Toronto Dominion Bank grew its stake in shares of Canadian Imperial Bank of Commerce by 17.9% in the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after buying an additional 3,942,894 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Canadian Imperial Bank of Commerce by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after buying an additional 1,395,600 shares in the last quarter. M&G Plc bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $8,221,000. Cetera Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $1,278,000. Finally, Legal & General Group Plc grew its stake 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. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Up 1.6 %

Shares of CM stock opened at $61.49 on Wednesday. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $62.67. The firm has a market cap of $57.98 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. The stock has a 50 day moving average of $57.95 and a 200-day moving average of $52.03. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same period in the previous year, the company earned $1.14 earnings per share. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.652 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.24%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.73%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CM shares. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, October 8th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Finally, UBS Group initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.