Canadian Imperial Bank of Commerce $CM Shares Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,953,602 shares of the bank’s stock after selling 24,655 shares during the period. Canadian Imperial Bank of Commerce makes up 2.6% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 13th biggest position. Letko Brosseau & Associates Inc. owned 0.21% of Canadian Imperial Bank of Commerce worth $138,391,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CM. Truvestments Capital LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at about $32,000. Ameritas Advisory Services LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $34,000. Atlantic Union Bankshares Corp purchased a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at approximately $35,000. Penserra Capital Management LLC grew its position in shares of Canadian Imperial Bank of Commerce by 1,177.8% during the second quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank’s stock worth $72,000 after buying an additional 954 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its stake in shares of Canadian Imperial Bank of Commerce by 576.9% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,638 shares of the bank’s stock worth $92,000 after buying an additional 1,396 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $87.13 on Friday. The stock’s fifty day moving average is $81.63 and its two-hundred day moving average is $74.43. The stock has a market capitalization of $80.92 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 1.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $87.29.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 EPS. On average, research 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 disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th were issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 4.5%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date was Monday, September 29th. Canadian Imperial Bank of Commerce’s payout ratio is currently 47.64%.

Analysts Set New Price Targets

CM has been the subject of several recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Wall Street Zen upgraded Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Royal Bank Of Canada upped their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. 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 MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus 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.