Intech Investment Management LLC Sells 37,074 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Intech Investment Management LLC decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 20.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 148,589 shares of the bank's stock after selling 37,074 shares during the period. Intech Investment Management LLC's holdings in Canadian Imperial Bank of Commerce were worth $9,125,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Toronto Dominion Bank grew its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock worth $1,233,272,000 after acquiring an additional 3,942,894 shares during the period. Cetera Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 1st quarter worth approximately $1,278,000. Legal & General Group Plc boosted its position in shares of Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank's stock worth $342,946,000 after purchasing an additional 228,130 shares in the last quarter. Ritholtz Wealth Management boosted its position in shares of Canadian Imperial Bank of Commerce by 140.6% in the 3rd quarter. Ritholtz Wealth Management now owns 14,308 shares of the bank's stock worth $878,000 after purchasing an additional 8,362 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of Canadian Imperial Bank of Commerce by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank's stock worth $696,659,000 after purchasing an additional 375,837 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Stock Performance

Shares of NYSE CM traded up $0.22 during midday trading on Friday, hitting $65.43. 531,239 shares of the stock traded hands, compared to its average volume of 1,378,484. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $61.80 billion, a P/E ratio of 12.82, a PEG ratio of 1.86 and a beta of 1.06. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.54. The firm has a 50-day moving average of $62.36 and a two-hundred day moving average of $54.84.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The business had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the business posted $1.14 EPS. Canadian Imperial Bank of Commerce's revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a $0.652 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 dividend on an annualized basis and a yield of 3.99%. Canadian Imperial Bank of Commerce's payout ratio is presently 52.46%.

Analyst Upgrades and Downgrades

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

About Canadian Imperial Bank of Commerce

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.