Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 20.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 188,600 shares of the bank’s stock after selling 47,500 shares during the quarter. Korea Investment CORP’s holdings in Canadian Imperial Bank of Commerce were worth $21,492,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Capital Analysts LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 764.5% during the first quarter. Capital Analysts LLC now owns 268 shares of the bank’s stock worth $26,000 after purchasing an additional 237 shares during the last quarter. Stonebridge Capital Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $34,000. BDO Wealth Advisors LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $60,000. Arkadios Wealth Advisors raised its stake in shares of Canadian Imperial Bank of Commerce by 214.5% during the second quarter. Arkadios Wealth Advisors now owns 544 shares of the bank’s stock worth $61,000 after purchasing an additional 371 shares during the last quarter. Finally, Credit Agricole S A purchased a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter worth approximately $90,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce stock opened at $115.25 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $51.83 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 0.91 and a beta of 1.13. Canadian Imperial Bank of Commerce has a fifty-two week low of $72.07 and a fifty-two week high of $121.11. The stock’s fifty day moving average is $115.66 and its two-hundred day moving average is $110.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Wednesday, August 25th. The bank reported $3.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.65 by $1.28. The company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.96 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.40% and a net margin of 26.13%. During the same quarter in the prior year, the company earned $2.71 earnings per share. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 11.54 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 28th. Investors of record on Tuesday, September 28th will be paid a dividend of $1.1561 per share. This represents a $4.62 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Monday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 67.13%.

Several research firms have issued reports on CM. Credit Suisse Group increased their price objective on Canadian Imperial Bank of Commerce from $149.00 to $156.00 and gave the stock a “neutral” rating in a research report on Friday, August 27th. Desjardins increased their price objective on Canadian Imperial Bank of Commerce from C$150.00 to C$154.00 and gave the stock a “hold” rating in a research report on Monday, August 30th. Barclays increased their price objective on Canadian Imperial Bank of Commerce from $150.00 to $157.00 and gave the stock an “overweight” rating in a research report on Friday, August 13th. CIBC increased their price objective on Canadian Imperial Bank of Commerce from C$159.00 to C$168.00 and gave the stock an “outperform” rating in a research report on Friday, August 27th. Finally, Zacks Investment Research cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Wednesday, August 11th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $157.56.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.

Featured Article: What does an equal weight rating mean?

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

Receive News & Ratings for Canadian Imperial Bank of Commerce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Imperial Bank of Commerce and related companies with MarketBeat.com's FREE daily email newsletter.