Plato Investment Management Ltd Trims Stake in Canadian Imperial Bank of Commerce $CM

Plato Investment Management Ltd lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 15.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 49,600 shares of the bank’s stock after selling 9,112 shares during the quarter. Plato Investment Management Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $2,820,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. HM Payson & Co. purchased a new position in shares of Canadian Imperial Bank of Commerce during the first quarter worth about $29,000. TruNorth Capital Management LLC increased its holdings 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 last quarter. Truvestments Capital LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $32,000. Private Trust Co. NA lifted its holdings in shares of 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 worth $44,000 after acquiring an additional 223 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in Canadian Imperial Bank of Commerce by 51.1% in the first quarter. Farther Finance Advisors LLC now owns 902 shares of the bank’s stock worth $51,000 after acquiring an additional 305 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM stock opened at $78.10 on Wednesday. The company has a market capitalization of $72.59 billion, a P/E ratio of 13.19, a PEG ratio of 1.69 and a beta of 1.03. Canadian Imperial Bank of Commerce has a fifty-two week low of $53.62 and a fifty-two week high of $79.67. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50 day moving average price of $73.81 and a two-hundred day moving average price of $66.36.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The firm 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 was up 3.3% on a year-over-year basis. During the same quarter last year, the business earned $1.93 earnings per share. Analysts expect that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Monday, September 29th will be issued a dividend of $0.97 per share. The ex-dividend date is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a yield of 5.0%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.64%.

Analyst Upgrades and Downgrades

CM has been the topic of a number of research reports. BMO Capital Markets raised their price target on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Scotiabank initiated coverage on Canadian Imperial Bank of Commerce in a research report on Thursday, May 15th. They set a “sector outperform” rating on the stock. Wall Street Zen upgraded 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 target 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. Finally, National Bank Financial cut shares of Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 30th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.