Canadian Imperial Bank of Commerce $CM Stock: Pinnacle Associates Ltd. Decreases Holdings

Pinnacle Associates Ltd. reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 67.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,241 shares of the bank’s stock after selling 14,800 shares during the period. Pinnacle Associates Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Bell Investment Advisors Inc acquired a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $36,000. Security National Bank of SO Dak bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $42,000. Global Assets Advisory LLC acquired a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $54,000. NFSG Corp acquired a new position in Canadian Imperial Bank of Commerce in the 3rd quarter valued at about $75,000. Finally, Oslo Pensjonsforsikring AS bought a new position in Canadian Imperial Bank of Commerce in the 1st quarter valued at about $132,000. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CM shares. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a “market perform” rating for the company. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, August 27th. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Finally, TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $160.00.

Canadian Imperial Bank of Commerce Trading Down 0.9%

Shares of Canadian Imperial Bank of Commerce stock opened at $114.02 on Friday. The firm has a 50-day moving average of $113.94 and a 200-day moving average of $113.35. The stock has a market cap of $103.52 billion, a PE ratio of 15.22, a PEG ratio of 1.12 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52-week low of $81.56 and a 52-week high of $124.86. 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 (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. As a group, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be paid a C$1.07 dividend. The ex-dividend date is Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce’s payout ratio is 41.26%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and governments through its Canadian and U.S. operations.

CIBC’s main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.