Harvest Portfolios Group Inc. Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Harvest Portfolios Group Inc. cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 16.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,675 shares of the bank's stock after selling 9,020 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $2,863,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce during the second quarter worth $29,000. Blue Trust Inc. boosted its stake in Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock worth $45,000 after buying an additional 623 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Canadian Imperial Bank of Commerce by 23.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after buying an additional 171 shares during the period. City State Bank purchased a new position in Canadian Imperial Bank of Commerce during the third quarter worth $61,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in Canadian Imperial Bank of Commerce during the second quarter worth $51,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Desjardins raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 2nd. StockNews.com lowered shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a research note on Saturday, October 19th. BMO Capital Markets boosted their target price on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Bank of America raised shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research note on Friday, August 30th. Finally, Cormark raised shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Down 0.4 %

Shares of CM stock traded down $0.27 on Wednesday, hitting $63.50. The stock had a trading volume of 1,010,192 shares, compared to its average volume of 1,417,933. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $61.09 and a 200 day moving average price of $53.52. The company has a market cap of $59.98 billion, a PE ratio of 12.53, a P/E/G ratio of 1.82 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $37.25 and a one year high of $64.02.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.14 earnings per share. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were issued a $0.652 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 4.11%. Canadian Imperial Bank of Commerce's dividend payout ratio is presently 52.46%.

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.