Park Place Capital Corp Trims Stock Position in Canadian Imperial Bank of Commerce $CM

Park Place Capital Corp reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,589 shares of the bank’s stock after selling 214 shares during the quarter. Park Place Capital Corp’s holdings in Canadian Imperial Bank of Commerce were worth $184,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CM. HM Payson & Co. purchased a new position in Canadian Imperial Bank of Commerce during the 1st quarter valued at $29,000. TruNorth Capital Management LLC grew its position in shares of Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after buying an additional 312 shares during the period. Truvestments Capital LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth about $32,000. Private Trust Co. NA grew its position in shares of Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock worth $44,000 after buying an additional 223 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of Canadian Imperial Bank of Commerce by 51.1% in the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank’s stock worth $51,000 after buying an additional 305 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Up 0.4%

CM stock opened at $79.89 on Wednesday. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $82.09. The business has a fifty day moving average price of $76.09 and a 200-day moving average price of $68.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $74.26 billion, a P/E ratio of 13.49, a P/E/G ratio of 1.69 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS. Equities analysts forecast 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 business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a yield of 4.9%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 47.64%.

Wall Street Analyst Weigh In

CM has been the topic of a number of recent research reports. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Royal Bank Of Canada increased 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 research report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $107.50.

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.