Canadian Imperial Bank of Commerce $CM Stock Holdings Lowered by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates cut its Canadian Imperial Bank of Commerce holdings by 67.1% in the third quarter, selling 14,800 shares and retaining 7,241 shares worth approximately $798,000.
• CIBC shares were trading at $114.02, down 0.9%, while the bank reported quarterly EPS of $1.96, beating analyst expectations of $1.80. Institutional investors own 49.88% of the company.
• The bank declared a quarterly dividend of C$1.07, equivalent to an annualized C$4.28 payout and a 3.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $160.

Pinnacle Associates Ltd. lessened its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 67.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,241 shares of the bank's stock after selling 14,800 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Canadian Imperial Bank of Commerce were worth $798,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cibc World Market Inc. acquired a new position in Canadian Imperial Bank of Commerce in the second quarter valued at about $1,342,850,000. Bank of Nova Scotia acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $1,297,567,000. Canada Pension Plan Investment Board acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $927,219,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $916,774,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $905,393,000. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Trading Down 0.9%

NYSE CM opened at $114.02 on Friday. The stock's 50 day moving average price is $113.94 and its two-hundred day moving average price is $113.35. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $103.52 billion, a price-to-earnings ratio of 15.22, a PEG ratio of 1.12 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $81.56 and a 52 week high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. The company had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.74 billion. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be paid a C$1.07 dividend. The ex-dividend date is Monday, September 28th. This represents a $4.28 annualized dividend and a yield of 3.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is currently 41.26%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CM shares. TD Securities reissued a "buy" rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods assumed coverage on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. They set a "market perform" rating on the stock. Barclays reaffirmed an "overweight" rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. Desjardins cut shares of Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has a consensus rating of "Moderate Buy" and an average price target of $160.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and governments through its Canadian and U.S. operations.

CIBC's main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.

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