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Maryland State Retirement & Pension System Sells 5,626 Shares of Canadian Imperial Bank of Commerce $CM

Canadian Imperial Bank of Commerce logo with Finance background

Key Points

  • Maryland State Retirement & Pension System sold 5,626 shares of Canadian Imperial Bank of Commerce, reducing its holdings by 3.8% to a total of 143,742 shares valued at about $10.2 million.
  • Institutional investors own 49.88% of Canadian Imperial Bank of Commerce stock, with notable increases in holdings from firms like Goldman Sachs and JPMorgan Chase.
  • The bank announced a quarterly dividend increase to $0.97 per share, which represents a 4.8% dividend yield, up from a previous $0.70 per share.
  • MarketBeat previews the top five stocks to own by November 1st.

Maryland State Retirement & Pension System cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,742 shares of the bank's stock after selling 5,626 shares during the period. Maryland State Retirement & Pension System's holdings in Canadian Imperial Bank of Commerce were worth $10,211,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CM. Goldman Sachs Group Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank's stock valued at $292,032,000 after acquiring an additional 4,160,938 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Canadian Imperial Bank of Commerce by 31.6% in the first quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank's stock valued at $595,762,000 after acquiring an additional 2,538,808 shares in the last quarter. Nuveen LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $124,797,000. Canada Pension Plan Investment Board grew its holdings in shares of Canadian Imperial Bank of Commerce by 23.0% in 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 acquiring an additional 1,133,715 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in shares of 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 valued at $263,281,000 after acquiring an additional 1,000,400 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CM shares. Wall Street Zen lowered Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 4th. Weiss Ratings reissued a "buy (b)" rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday. Finally, Royal Bank Of Canada increased their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $107.50.

View Our Latest Stock Report on CM

Canadian Imperial Bank of Commerce Trading Down 1.4%

NYSE:CM opened at $80.43 on Thursday. The company has a market cap of $74.77 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.73 and a beta of 1.03. The stock's fifty day moving average price is $77.01 and its two-hundred day moving average price is $69.60. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $82.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The firm 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 return on equity of 14.67% and a net margin of 12.94%.The business's quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.93 earnings per share. As a group, analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Shareholders 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. This represents a $3.88 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, September 29th. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is currently 47.64%.

Canadian Imperial Bank of Commerce Company Profile

(Free Report)

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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Want to see what other hedge funds are holding CM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM.

Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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