Raleigh Capital Management Inc. Decreases Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Raleigh Capital Management Inc. decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,066 shares of the bank’s stock after selling 398 shares during the quarter. Raleigh Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted 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 purchasing an additional 171 shares during the last quarter. Gulf International Bank UK Ltd increased its holdings in Canadian Imperial Bank of Commerce by 3.8% in the 1st quarter. Gulf International Bank UK Ltd now owns 6,390 shares of the bank’s stock worth $324,000 after buying an additional 236 shares in the last quarter. Simplicity Wealth LLC raised its position in Canadian Imperial Bank of Commerce by 3.9% in the 2nd quarter. Simplicity Wealth LLC now owns 6,448 shares of the bank’s stock worth $307,000 after buying an additional 240 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Bleakley Financial Group LLC now owns 6,208 shares of the bank’s stock valued at $315,000 after acquiring an additional 314 shares during the period. Finally, Lantz Financial LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 7.1% during the 2nd quarter. Lantz Financial LLC now owns 5,824 shares of the bank’s stock valued at $277,000 after acquiring an additional 385 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, July 2nd. They set a “neutral” rating for the company. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday. BMO Capital Markets lifted their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Finally, Bank of America raised 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 given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Trading Down 0.4 %

NYSE:CM opened at $62.39 on Tuesday. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $63.02. The business has a fifty day moving average price of $58.91 and a 200-day moving average price of $52.39. The firm has a market capitalization of $58.83 billion, a price-to-earnings ratio of 12.84, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued 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 business 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%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 earnings per share. Sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company 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 dividend of $0.652 per share. This represents a $2.61 annualized dividend and a yield of 4.18%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 54.73%.

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.