Canadian Imperial Bank of Commerce $CM Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. lessened its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank’s stock valued at $2,251,664,000 after purchasing an additional 642,924 shares in the last quarter. Bank of Nova Scotia increased its stake in shares of Canadian Imperial Bank of Commerce by 4.5% in the 1st quarter. Bank of Nova Scotia now owns 17,967,436 shares of the bank’s stock valued at $1,010,849,000 after purchasing an additional 773,174 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Canadian Imperial Bank of Commerce by 31.6% in the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock valued at $595,762,000 after purchasing an additional 2,538,808 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Canadian Imperial Bank of Commerce by 23.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank’s stock valued at $340,721,000 after purchasing an additional 1,133,715 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 405.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after purchasing an additional 4,160,938 shares in the last quarter. Institutional investors and hedge funds own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

NYSE:CM opened at $83.79 on Wednesday. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $84.01. The stock has a 50 day moving average of $79.36 and a two-hundred day moving average of $72.16. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a market cap of $77.89 billion, a P/E 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 posted its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The business’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.93 earnings per share. On average, analysts expect 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 declared a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th were given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.6%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date was Monday, September 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 47.64%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CM shares. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Sunday. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada lifted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.