Maryland State Retirement & Pension System Lowers Position in Canadian Imperial Bank of Commerce $CM

Maryland State Retirement & Pension System lessened its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,742 shares of the bank’s stock after selling 5,626 shares during the period. Maryland State Retirement & Pension System’s holdings in Canadian Imperial Bank of Commerce were worth $10,211,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HM Payson & Co. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter worth $29,000. TruNorth Capital Management LLC raised its position in Canadian Imperial Bank of Commerce by 156.0% during the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock valued at $29,000 after purchasing an additional 312 shares in the last quarter. Truvestments Capital LLC purchased a new stake in Canadian Imperial Bank of Commerce during the first quarter valued at about $32,000. Ameritas Advisory Services LLC purchased a new stake in Canadian Imperial Bank of Commerce during the second quarter valued at about $34,000. Finally, Private Trust Co. NA raised its position 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 purchasing an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Down 1.4%

CM opened at $80.43 on Thursday. The company has a market cap of $74.77 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.73 and a beta of 1.03. The business’s 50-day moving average price is $77.01 and its 200-day moving average price is $69.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $82.23.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted 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. The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.Canadian Imperial Bank of Commerce’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $1.93 earnings per share. On average, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Monday, September 29th. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

Analyst Ratings Changes

A number of research firms have weighed in on CM. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday. Finally, Wall Street Zen downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.50.

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.