Zurcher Kantonalbank Zurich Cantonalbank Lowers Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 34.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,255 shares of the bank’s stock after selling 198,728 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Canadian Imperial Bank of Commerce were worth $17,934,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CM. Vanguard Group Inc. raised its holdings in Canadian Imperial Bank of Commerce by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 35,237,455 shares of the bank’s stock valued at $1,696,331,000 after acquiring an additional 1,395,600 shares in the last quarter. M&G Plc acquired a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth $8,221,000. Cetera Advisors LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter valued at $1,278,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Canadian Imperial Bank of Commerce by 1,091.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock valued at $13,477,000 after buying an additional 244,700 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Canadian Imperial Bank of Commerce by 47.0% during the 4th quarter. Principal Financial Group Inc. now owns 68,300 shares of the bank’s stock worth $3,305,000 after buying an additional 21,833 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM traded up $0.80 on Friday, hitting $58.31. The company’s stock had a trading volume of 809,191 shares, compared to its average volume of 1,464,069. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a 50 day moving average of $50.35 and a 200-day moving average of $49.10. Canadian Imperial Bank of Commerce has a 12-month low of $34.35 and a 12-month high of $59.10. The company has a market capitalization of $54.99 billion, a price-to-earnings ratio of 11.98, a price-to-earnings-growth ratio of 1.99 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 30th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.07. Canadian Imperial Bank of Commerce had a return on equity of 13.06% and a net margin of 10.46%. The business had revenue of $4.54 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts predict that Canadian Imperial Bank of Commerce will post 5.05 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Friday, September 27th will be issued a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.47%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 54.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CM shares. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a report on Monday, June 3rd. BMO Capital Markets raised their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has an average rating of “Hold” and a consensus target price of $68.33.

Canadian Imperial Bank of Commerce Company 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.