Canadian Imperial Bank of Commerce $CM Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC has reduced its holdings in Canadian Imperial Bank of Commerce by 39.3% in the first quarter, owning 43,009 shares after selling 27,797 shares during the period.
• The Canadian Imperial Bank of Commerce reported a 1.57 EPS for the last quarter, exceeding analyst expectations and marking a 3.3% revenue growth year-over-year.
• The bank recently increased its quarterly dividend to $0.97, reflecting a dividend yield of 4.8%, and will be paid on October 28th.

Voya Investment Management LLC reduced its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 39.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,009 shares of the bank's stock after selling 27,797 shares during the period. Voya Investment Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $2,419,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. TruNorth Capital Management LLC increased its stake in Canadian Imperial Bank of Commerce by 156.0% in the first quarter. TruNorth Capital Management LLC now owns 512 shares of the bank's stock valued at $29,000 after acquiring an additional 312 shares during the period. HM Payson & Co. acquired a new stake in Canadian Imperial Bank of Commerce in the 1st quarter worth about $29,000. Truvestments Capital LLC acquired a new position in shares of Canadian Imperial Bank of Commerce in the 1st quarter valued at approximately $32,000. Private Trust Co. NA increased its position in Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank's stock worth $44,000 after purchasing an additional 223 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 51.1% during the 1st quarter. Farther Finance Advisors LLC now owns 902 shares of the bank's stock worth $51,000 after acquiring an additional 305 shares during the last quarter. Institutional investors and hedge funds own 49.88% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. BMO Capital Markets raised their price objective on shares of Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Royal Bank Of Canada upped 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 research note on Friday, August 29th. Finally, National Bank Financial lowered Canadian Imperial Bank of Commerce from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded up $0.60 during trading on Tuesday, reaching $81.84. The stock had a trading volume of 311,697 shares, compared to its average volume of 1,174,792. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $82.09. The stock has a market capitalization of $76.08 billion, a PE ratio of 13.83, a P/E/G ratio of 1.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. The business's 50-day moving average price is $75.21 and its 200 day moving average price is $67.73.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to analysts' expectations of $5.12 billion. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The business's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 EPS. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 29th. This is a boost from Canadian Imperial Bank of Commerce's previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce's payout ratio is 47.64%.

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.