Ritholtz Wealth Management Has $975,000 Holdings in Canadian Imperial Bank of Commerce $CM

Ritholtz Wealth Management cut its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,771 shares of the bank’s stock after selling 237 shares during the period. Ritholtz Wealth Management’s holdings in Canadian Imperial Bank of Commerce were worth $975,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Bayforest Capital Ltd raised its stake in shares of Canadian Imperial Bank of Commerce by 710.3% in the second quarter. Bayforest Capital Ltd now owns 2,123 shares of the bank’s stock worth $150,000 after acquiring an additional 1,861 shares during the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $232,000. Moran Wealth Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $305,000. Sequoia Financial Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $461,000. Finally, Yousif Capital Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 7.3% in the second quarter. Yousif Capital Management LLC now owns 13,561 shares of the bank’s stock worth $961,000 after acquiring an additional 920 shares during the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Up 0.1%

Shares of NYSE CM opened at $80.28 on Friday. The company’s 50 day simple moving average is $78.17 and its 200 day simple moving average is $70.81. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $82.23. The firm has a market capitalization of $74.63 billion, a P/E ratio of 13.56, a P/E/G ratio of 1.71 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04.

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 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 analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the business posted $1.93 earnings per share. On average, 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%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.64%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CM shares. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Saturday. Royal Bank Of Canada boosted their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus 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.