Crossmark Global Holdings Inc. Cuts Stake in Canadian Imperial Bank of Commerce $CM

Key Points

• Crossmark Global Holdings reduced its stake in Canadian Imperial Bank of Commerce by 6.9% in the fourth quarter, selling 12,801 shares and leaving it with 173,781 shares valued at about $15.7 million.
• Analyst sentiment remains mixed but constructive: CM has a consensus “Moderate Buy” rating, with five Buy ratings and three Hold ratings, and a consensus price target of $107.50.
• The bank recently posted better-than-expected earnings, with Q4 EPS of $1.99 and revenue of $6.16 billion, while also paying a quarterly dividend of $1.07 per share for a 3.9% annualized yield.

Crossmark Global Holdings Inc. cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,781 shares of the bank's stock after selling 12,801 shares during the period. Crossmark Global Holdings Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $15,746,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC raised its stake in Canadian Imperial Bank of Commerce by 1.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank's stock valued at $880,000 after buying an additional 114 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank's stock worth $272,000 after acquiring an additional 116 shares during the last quarter. McIlrath & Eck LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 7.1% during the fourth quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank's stock worth $175,000 after acquiring an additional 128 shares during the last quarter. Bridgewater Advisors Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 4.2% during the fourth quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank's stock valued at $311,000 after acquiring an additional 138 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Canadian Imperial Bank of Commerce by 12.7% in the 4th quarter. Fifth Third Bancorp now owns 1,337 shares of the bank's stock valued at $121,000 after purchasing an additional 151 shares during the last quarter. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on CM. Zacks Research downgraded shares of Canadian Imperial Bank of Commerce from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Imperial Bank of Commerce in a report on Monday. Weiss Ratings downgraded shares of Canadian Imperial Bank of Commerce from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Friday, April 17th. Finally, Barclays raised shares of Canadian Imperial Bank of Commerce from an "underweight" rating to an "overweight" rating in a report on Thursday, February 19th. Five research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Canadian Imperial Bank of Commerce presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $110.00 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $63.44 and a 52 week high of $113.28. The business's 50 day moving average price is $101.71 and its 200 day moving average price is $94.19. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm has a market cap of $101.01 billion, a P/E ratio of 16.03, a P/E/G ratio of 1.13 and a beta of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.25. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. Canadian Imperial Bank of Commerce's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $2.20 EPS. On average, sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.57 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Investors of record on Friday, March 27th were given a dividend of $1.07 per share. The ex-dividend date was Friday, March 27th. This represents a $4.28 dividend on an annualized basis and a yield of 3.9%. Canadian Imperial Bank of Commerce's payout ratio is currently 45.77%.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce NYSE: CM, commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada's largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC's activities span personal and business banking, wealth management, capital markets and corporate banking.

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