MQS Management LLC Reduces Position in Canadian Imperial Bank of Commerce $CM

MQS Management LLC cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 57.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,086 shares of the bank’s stock after selling 5,430 shares during the period. MQS Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $289,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CM. Smith Group Asset Management LLC boosted its stake in shares of Canadian Imperial Bank of Commerce by 18.6% during the 1st quarter. Smith Group Asset Management LLC now owns 91,470 shares of the bank’s stock worth $5,150,000 after purchasing an additional 14,370 shares during the period. Rossby Financial LCC bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $150,000. Private Trust Co. NA lifted its holdings in Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock valued at $44,000 after buying an additional 223 shares in the last quarter. Checchi Capital Advisers LLC lifted its holdings in Canadian Imperial Bank of Commerce by 12.9% during the 1st quarter. Checchi Capital Advisers LLC now owns 4,683 shares of the bank’s stock valued at $264,000 after buying an additional 534 shares in the last quarter. Finally, World Investment Advisors bought a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $247,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $82.95 on Tuesday. The company has a 50 day moving average price of $79.14 and a 200-day moving average price of $71.97. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $83.03. The stock has a market capitalization of $77.11 billion, a PE ratio of 14.01, a PEG ratio of 1.75 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be paid a dividend of $0.97 per share. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CM. Royal Bank Of Canada lifted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Sunday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce 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.