Harvest Portfolios Group Inc. Reduces Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Harvest Portfolios Group Inc. trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 16.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 46,675 shares of the bank’s stock after selling 9,020 shares during the quarter. Harvest Portfolios Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $2,863,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CM. Ridgewood Investments LLC purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at approximately $29,000. Blue Trust Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock worth $56,000 after purchasing an additional 171 shares during the last quarter. City State Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth about $61,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce in the second quarter valued at approximately $51,000. Institutional investors and hedge funds own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CM. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. BMO Capital Markets increased their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Finally, StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Trading Down 0.1 %

Shares of CM opened at $63.68 on Wednesday. Canadian Imperial Bank of Commerce has a one year low of $37.25 and a one year high of $63.86. The stock has a 50-day moving average price of $61.09 and a 200 day moving average price of $53.52. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $60.15 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.82 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter last year, the company earned $1.14 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

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.