First Bank & Trust Purchases 351 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

First Bank & Trust raised its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,646 shares of the bank’s stock after purchasing an additional 351 shares during the period. First Bank & Trust’s holdings in Canadian Imperial Bank of Commerce were worth $2,555,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 35,913,241 shares of the bank’s stock valued at $1,821,520,000 after buying an additional 675,786 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares in the last quarter. Cibc World Market Inc. lifted its position in Canadian Imperial Bank of Commerce by 18.9% in the 2nd quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after acquiring an additional 3,143,734 shares in the last quarter. National Bank of Canada FI increased its holdings in Canadian Imperial Bank of Commerce by 26.8% during the 2nd quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after purchasing an additional 3,875,280 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the second quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock valued at $342,946,000 after purchasing an additional 228,130 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CM. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. 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 research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock traded down $0.24 during trading on Friday, reaching $62.81. 1,084,593 shares of the company’s stock were exchanged, compared to its average volume of 1,445,637. The firm’s fifty day moving average price is $59.80 and its 200-day moving average price is $52.71. Canadian Imperial Bank of Commerce has a twelve month low of $34.45 and a twelve month high of $63.36. The stock has a market capitalization of $59.23 billion, a PE ratio of 12.92, a PEG ratio of 1.82 and a beta of 1.07. 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 (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The company 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 in the prior year, the firm earned $1.14 earnings per share. As a group, sell-side 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.652 per share. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 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.