Versor Investments LP Trims Stock Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Versor Investments LP decreased its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 68.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,055 shares of the bank’s stock after selling 13,004 shares during the quarter. Versor Investments LP’s holdings in Canadian Imperial Bank of Commerce were worth $371,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CM. Toronto Dominion Bank grew its holdings in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the period. M&G Plc bought a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $8,221,000. Cetera Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $1,278,000. Legal & General Group Plc raised its stake in Canadian Imperial Bank of Commerce by 3.3% during the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares during the period. Finally, Ritholtz Wealth Management lifted its holdings in Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock valued at $878,000 after purchasing an additional 8,362 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CM shares. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. BMO Capital Markets lifted their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $63.56 on Friday. 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 $37.97 and a 12-month high of $65.09. The firm has a market capitalization of $60.04 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.85 and a beta of 1.06. The firm has a 50-day moving average price of $61.97 and a 200-day moving average price of $54.24.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion for 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%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 earnings per share. As a group, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is presently 52.26%.

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.