J. Safra Sarasin Holding AG Reduces Holdings in Canadian Imperial Bank of Commerce $CM

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Canadian Imperial Bank of Commerce by 30.5%, now owning 27,458 shares valued at approximately $1.95 million.
• The Canadian Imperial Bank of Commerce recently reported earnings of $1.57 per share, surpassing analyst expectations of $1.43, with a total revenue of $5.24 billion for the quarter.
• In a recent dividend announcement, Canadian Imperial Bank of Commerce will pay a quarterly dividend of $0.97 per share, increasing from the previous $0.70 with an annual yield of 4.8%.

J. Safra Sarasin Holding AG cut its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 30.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,458 shares of the bank's stock after selling 12,039 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Canadian Imperial Bank of Commerce were worth $1,945,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CM. Parallel Advisors LLC lifted its stake in shares of Canadian Imperial Bank of Commerce by 5.1% during the 2nd quarter. Parallel Advisors LLC now owns 3,288 shares of the bank's stock valued at $233,000 after buying an additional 160 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 0.3% during the second quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank's stock worth $3,788,000 after acquiring an additional 173 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Canadian Imperial Bank of Commerce by 4.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after acquiring an additional 194 shares in the last quarter. Benjamin Edwards Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 5.3% during the first quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank's stock worth $243,000 after acquiring an additional 216 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in shares of Canadian Imperial Bank of Commerce by 40.0% during the first quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after acquiring an additional 223 shares in the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $81.44 on Friday. The business's 50-day moving average price is $76.50 and its two-hundred day moving average price is $69.10. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $82.09. The stock has a market cap of $75.71 billion, a P/E ratio of 13.76, a PEG ratio of 1.72 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $5.24 billion for 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 quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm posted $1.93 earnings per share. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a dividend of $0.97 per share. This is an increase from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. The ex-dividend date is Monday, September 29th. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce's dividend payout ratio is 47.64%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wall Street Zen cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday. Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a report on Saturday, September 27th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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.

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