Maryland State Retirement & Pension System Lowers Stake in Canadian Imperial Bank of Commerce (NYSE:CM)

Maryland State Retirement & Pension System lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 165,406 shares of the bank’s stock after selling 29,743 shares during the period. Maryland State Retirement & Pension System’s holdings in Canadian Imperial Bank of Commerce were worth $7,965,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Verdence Capital Advisors LLC increased its position in Canadian Imperial Bank of Commerce by 4.3% during the third quarter. Verdence Capital Advisors LLC now owns 15,835 shares of the bank’s stock valued at $611,000 after acquiring an additional 653 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 289,912 shares of the bank’s stock worth $11,243,000 after purchasing an additional 9,195 shares during the last quarter. Value Partners Investments Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 11.8% in the third quarter. Value Partners Investments Inc. now owns 1,673,324 shares of the bank’s stock worth $64,890,000 after purchasing an additional 176,750 shares during the last quarter. Park Avenue Securities LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter worth about $275,000. Finally, Gradient Investments LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.5% in the third quarter. Gradient Investments LLC now owns 10,924 shares of the bank’s stock worth $422,000 after purchasing an additional 373 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Scotiabank upgraded shares of Canadian Imperial Bank of Commerce from a “sector perform” rating to a “sector outperform” rating in a report on Tuesday, February 20th. Barclays began coverage on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, March 20th. They issued an “underweight” rating on the stock. Finally, Jefferies Financial Group began coverage on shares of Canadian Imperial Bank of Commerce in a report on Thursday, February 22nd. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and an average target price of $63.00.

Canadian Imperial Bank of Commerce Stock Up 1.0 %

Canadian Imperial Bank of Commerce stock traded up $0.49 during midday trading on Monday, hitting $48.37. 893,196 shares of the company’s stock were exchanged, compared to its average volume of 1,738,565. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $51.14. The firm has a 50-day moving average of $48.78 and a two-hundred day moving average of $45.13. The company has a market cap of $45.37 billion, a PE ratio of 9.99, a P/E/G ratio of 2.25 and a beta of 1.07.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, February 29th. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.47 billion. Canadian Imperial Bank of Commerce had a net margin of 10.79% and a return on equity of 13.07%. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 5.04 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 29th. Shareholders of record on Thursday, March 28th were given a dividend of $0.6634 per share. This represents a $2.65 annualized dividend and a dividend yield of 5.49%. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.66. The ex-dividend date was Wednesday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 54.75%.

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.