Metis Global Partners LLC Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Metis Global Partners LLC lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.9% in the third quarter, Holdings Channel reports. The institutional investor owned 56,502 shares of the bank’s stock after selling 506 shares during the quarter. Metis Global Partners LLC’s holdings in Canadian Imperial Bank of Commerce were worth $3,466,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Toronto Dominion Bank boosted its stake in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock worth $1,233,272,000 after buying an additional 3,942,894 shares during the period. M&G Plc acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $8,221,000. Cetera Advisors LLC purchased a new stake in Canadian Imperial Bank of Commerce in the first quarter valued at approximately $1,278,000. Legal & General Group Plc lifted its stake in Canadian Imperial Bank of Commerce by 3.3% during the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after purchasing an additional 228,130 shares in the last quarter. Finally, Ritholtz Wealth Management boosted its position in shares of Canadian Imperial Bank of Commerce by 140.6% during the third quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank’s stock worth $878,000 after buying an additional 8,362 shares during the period. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. BMO Capital Markets increased their price target 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, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report 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. Finally, StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note 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 issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $81.00.

Canadian Imperial Bank of Commerce Stock Down 0.2 %

Shares of NYSE:CM opened at $63.91 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.09. The stock has a market cap of $60.36 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 1.86 and a beta of 1.06. The firm’s 50 day moving average price is $61.88 and its 200 day moving average price is $54.17.

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 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 analyst estimates of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The company’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $1.14 EPS. As a group, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were given a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.08%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 52.46%.

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.