First County Bank CT Sells 2,074 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

First County Bank CT trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,963 shares of the bank’s stock after selling 2,074 shares during the quarter. First County Bank CT’s holdings in Canadian Imperial Bank of Commerce were worth $1,041,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in Canadian Imperial Bank of Commerce by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,518,979 shares of the bank’s stock valued at $154,679,000 after purchasing an additional 93,160 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Canadian Imperial Bank of Commerce by 32.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 112,033 shares of the bank’s stock valued at $6,872,000 after acquiring an additional 27,291 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in Canadian Imperial Bank of Commerce by 55.8% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 18,601 shares of the bank’s stock worth $1,141,000 after acquiring an additional 6,665 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Canadian Imperial Bank of Commerce by 14.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after acquiring an additional 1,305,665 shares in the last quarter. Finally, PCJ Investment Counsel Ltd. raised its holdings in shares of Canadian Imperial Bank of Commerce by 38.8% in the third quarter. PCJ Investment Counsel Ltd. now owns 50,490 shares of the bank’s stock valued at $3,097,000 after purchasing an additional 14,120 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. BMO Capital Markets lifted their price target on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $65.26 on Friday. The stock has a 50-day moving average of $62.36 and a 200 day moving average of $54.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $61.64 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 1.86 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.49.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the prior year, the business earned $1.14 earnings per share. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, sell-side analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a dividend of $0.652 per share. The ex-dividend date was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.00%. Canadian Imperial Bank of Commerce’s dividend payout ratio is 52.46%.

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.