K.J. Harrison & Partners Inc Reduces Holdings in Canadian Imperial Bank of Commerce $CM

K.J. Harrison & Partners Inc reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.1% during the second quarter, Holdings Channel.com reports. The fund owned 140,272 shares of the bank’s stock after selling 22,996 shares during the quarter. Canadian Imperial Bank of Commerce makes up 1.6% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 9th biggest position. K.J. Harrison & Partners Inc’s holdings in Canadian Imperial Bank of Commerce were worth $9,938,000 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. Goldman Sachs Group Inc. grew its stake in 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 worth $292,032,000 after acquiring an additional 4,160,938 shares in the last quarter. JPMorgan Chase & Co. grew its stake in 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 worth $595,762,000 after acquiring an additional 2,538,808 shares in the last quarter. Nuveen LLC purchased a new position in Canadian Imperial Bank of Commerce during the first quarter valued at approximately $124,797,000. Canada Pension Plan Investment Board increased its holdings in Canadian Imperial Bank of Commerce by 23.0% during the first quarter. Canada Pension Plan Investment Board now owns 6,055,999 shares of the bank’s stock valued at $340,721,000 after buying an additional 1,133,715 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in Canadian Imperial Bank of Commerce by 27.2% in the first quarter. Public Sector Pension Investment Board now owns 4,681,008 shares of the bank’s stock worth $263,281,000 after buying an additional 1,000,400 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on CM. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their price objective on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday. Four 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.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $82.90 on Monday. The company has a market cap of $76.99 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.76 and a beta of 1.03. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $84.01. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $79.93 and a two-hundred day moving average of $72.78.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. Canadian Imperial Bank of Commerce’s revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm earned $1.93 earnings per share. As a group, 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 announced a quarterly dividend, which was paid on Tuesday, October 28th. Shareholders of record on Monday, September 29th were paid a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.7%. This is a positive change 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 payout ratio is 47.64%.

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.