Chesley Taft & Associates LLC Sells 4,576 Shares of Canadian Imperial Bank of Commerce $CM

Chesley Taft & Associates LLC decreased its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 6.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,388 shares of the bank’s stock after selling 4,576 shares during the period. Chesley Taft & Associates LLC’s holdings in Canadian Imperial Bank of Commerce were worth $8,095,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock worth $32,000 after acquiring an additional 219 shares during the last quarter. EFG International AG bought a new stake in shares of Canadian Imperial Bank of Commerce during the fourth quarter valued at approximately $35,000. Global Assets Advisory LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the first quarter valued at approximately $54,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Canadian Imperial Bank of Commerce by 87.0% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 860 shares of the bank’s stock valued at $69,000 after purchasing an additional 400 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Canadian Imperial Bank of Commerce by 2,758.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 829 shares of the bank’s stock valued at $75,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, July 31st. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $118.79 on Friday. The company has a fifty day moving average price of $115.03 and a two-hundred day moving average price of $106.34. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 52 week low of $72.07 and a 52 week high of $122.50. The firm has a market capitalization of $108.44 billion, a PE ratio of 16.32, a P/E/G ratio of 1.28 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same quarter in the prior year, the business posted $2.05 EPS. The firm’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.35 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th were paid a $1.07 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.6%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 42.58%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.