Bessemer Group Inc. Reduces Stock Position in Canadian Imperial Bank of Commerce $CM

Bessemer Group Inc. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.1% in the second quarter, Holdings Channel.com reports. The firm owned 157,868 shares of the bank’s stock after selling 160 shares during the quarter. Bessemer Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $11,185,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce in the first quarter worth approximately $29,000. TruNorth Capital Management LLC grew its position in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after acquiring an additional 312 shares during the period. Truvestments Capital LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter worth approximately $32,000. Ameritas Advisory Services LLC purchased a new position in Canadian Imperial Bank of Commerce in the second quarter worth approximately $34,000. Finally, Private Trust Co. NA grew its position in Canadian Imperial Bank of Commerce by 40.0% in the first quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after acquiring an additional 223 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CM has been the subject of several analyst reports. Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 1.0%

NYSE:CM opened at $83.79 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average is $79.36 and its two-hundred day moving average is $72.16. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $84.01. The stock has a market capitalization of $77.89 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.76 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. During the same period in the prior year, the firm earned $1.93 earnings per share. The firm’s revenue was up 3.3% compared to the same quarter last year. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th were paid a $0.97 dividend. The ex-dividend date was Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. This represents a $3.88 annualized dividend and a dividend yield of 4.6%. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

Canadian Imperial Bank of Commerce Company Profile

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.