M&T Bank Corp Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

M&T Bank Corp cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 28.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,060 shares of the bank’s stock after selling 3,552 shares during the quarter. M&T Bank Corp’s holdings in Canadian Imperial Bank of Commerce were worth $711,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BB&T Corp grew its holdings in shares of Canadian Imperial Bank of Commerce by 1.7% in the second quarter. BB&T Corp now owns 38,256 shares of the bank’s stock valued at $3,005,000 after purchasing an additional 654 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in Canadian Imperial Bank of Commerce by 53.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 201,047 shares of the bank’s stock valued at $18,911,000 after purchasing an additional 69,884 shares during the last quarter. Investec Asset Management LTD boosted its holdings in Canadian Imperial Bank of Commerce by 478.2% in the 2nd quarter. Investec Asset Management LTD now owns 648,507 shares of the bank’s stock valued at $8,803,000 after purchasing an additional 536,357 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Canadian Imperial Bank of Commerce by 10.2% in the 2nd quarter. Van ECK Associates Corp now owns 13,631 shares of the bank’s stock valued at $1,072,000 after buying an additional 1,262 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Canadian Imperial Bank of Commerce by 11.7% in the 1st quarter. Raymond James & Associates now owns 707,467 shares of the bank’s stock valued at $55,964,000 after buying an additional 74,001 shares during the period. 44.54% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:CM traded up $0.74 during mid-day trading on Wednesday, reaching $80.94. 14,273 shares of the company were exchanged, compared to its average volume of 574,168. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $35.68 billion, a price-to-earnings ratio of 8.64, a P/E/G ratio of 8.32 and a beta of 1.17. The firm’s 50-day simple moving average is $76.83 and its 200 day simple moving average is $80.02. Canadian Imperial Bank of Commerce has a 1 year low of $72.96 and a 1 year high of $96.98.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 22nd. The bank reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.81. Canadian Imperial Bank of Commerce had a return on equity of 15.92% and a net margin of 18.39%. The company had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the previous year, the company earned $3.08 earnings per share. On average, research analysts forecast that Canadian Imperial Bank of Commerce will post 9.1 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be paid a $1.091 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. This represents a $4.36 dividend on an annualized basis and a dividend yield of 5.39%. Canadian Imperial Bank of Commerce’s payout ratio is presently 44.33%.

Several research firms have recently commented on CM. Scotiabank reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, August 20th. TD Securities lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Thursday, May 23rd. Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Zacks Investment Research cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Finally, Canaccord Genuity downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $120.67.

About Canadian Imperial Bank of Commerce

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 four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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