Grove Bank & Trust Sells 199 Shares of Canadian Imperial Bank of Commerce $CM

Grove Bank & Trust lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,862 shares of the bank’s stock after selling 199 shares during the quarter. Grove Bank & Trust’s holdings in Canadian Imperial Bank of Commerce were worth $344,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. HM Payson & Co. bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter worth approximately $29,000. TruNorth Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after buying an additional 312 shares in the last quarter. Truvestments Capital LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 1st quarter worth $32,000. Private Trust Co. NA raised its holdings in Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock valued at $44,000 after acquiring an additional 223 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank’s stock valued at $51,000 after acquiring an additional 305 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. National Bank Financial downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. BMO Capital Markets lifted their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada increased their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Trading Up 1.4%

Shares of NYSE:CM opened at $81.57 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $81.66. The stock has a market cap of $75.83 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.74 and a beta of 1.03. The business has a 50-day moving average price of $75.02 and a 200-day moving average price of $67.42.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.12 billion. During the same quarter last year, the company posted $1.93 earnings per share. The firm’s revenue was up 3.3% compared to the same quarter last year. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.8%. The ex-dividend date is Monday, September 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

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 Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.