First Affirmative Financial Network Has $242,000 Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

First Affirmative Financial Network reduced its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 33.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,938 shares of the bank’s stock after selling 1,999 shares during the quarter. First Affirmative Financial Network’s holdings in Canadian Imperial Bank of Commerce were worth $242,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ridgewood Investments LLC bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $29,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $51,000. Massmutual Trust Co. FSB ADV lifted its stake in 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 valued at $56,000 after acquiring an additional 171 shares in the last quarter. Ninepoint Partners LP purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth $97,000. Finally, BNP Paribas Financial Markets purchased a new position in Canadian Imperial Bank of Commerce during the 1st quarter worth $175,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 2.3 %

Shares of NYSE CM opened at $60.96 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $57.58 billion, a PE ratio of 11.98, a P/E/G ratio of 1.82 and a beta of 1.07. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $62.67. The business’s fifty day moving average price is $57.47 and its 200-day moving average price is $51.87.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.14 EPS. On average, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be issued a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.28%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.46%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CM. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, October 8th. BMO Capital Markets upped their target price on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $81.00.

About Canadian Imperial Bank of Commerce

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.