Citigroup Inc. Grows Stock Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Citigroup Inc. raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 5.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 352,332 shares of the bank's stock after purchasing an additional 17,457 shares during the period. Citigroup Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $21,636,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of CM. Ridgewood Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. Blue Trust Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank's stock valued at $45,000 after acquiring an additional 623 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Canadian Imperial Bank of Commerce by 23.1% in the third quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock worth $56,000 after acquiring an additional 171 shares during the last quarter. City State Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce during the third quarter worth approximately $61,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM traded down $0.05 during midday trading on Wednesday, hitting $64.68. The company had a trading volume of 839,403 shares, compared to its average volume of 1,372,133. Canadian Imperial Bank of Commerce has a twelve month low of $37.97 and a twelve month high of $65.89. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $61.10 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.71 and a beta of 1.06. The business's 50-day simple moving average is $62.66 and its 200-day simple moving average is $55.34.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS 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 analysts' expectations 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 business's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 earnings per share. On average, research analysts predict that Canadian Imperial Bank of Commerce will post 5.27 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a dividend of $0.652 per share. The ex-dividend date was Friday, September 27th. This represents a $2.61 annualized dividend and a yield of 4.03%. Canadian Imperial Bank of Commerce's dividend payout ratio (DPR) is 52.46%.

Analyst Upgrades and Downgrades

CM has been the topic of several recent research reports. 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. BMO Capital Markets boosted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a report on Friday, August 30th. StockNews.com cut Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 19th. Finally, Desjardins raised Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $81.00.

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.