Crossmark Global Holdings Inc. Has $12.18 Million Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Crossmark Global Holdings Inc. lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 198,564 shares of the bank’s stock after selling 17,879 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $12,179,000 as of its most recent SEC filing.

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

Canadian Imperial Bank of Commerce Price Performance

NYSE CM traded down $0.31 on Friday, hitting $64.33. 633,513 shares of the company’s stock were exchanged, compared to its average volume of 1,105,633. The stock has a 50-day moving average of $61.53 and a 200-day moving average of $53.78. The stock has a market cap of $60.77 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.84 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 52 week low of $37.29 and a 52 week high of $64.79. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. The company had revenue of $6.60 billion during 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%. Canadian Imperial Bank of Commerce’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 EPS. Analysts expect that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.05%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 52.46%.

Analyst Ratings Changes

A number of research firms have issued reports on CM. BMO Capital Markets boosted their price objective on shares of 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. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Finally, Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $81.00.

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.