Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. lessened its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 8.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 198,564 shares of the bank's stock after selling 17,879 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Canadian Imperial Bank of Commerce were worth $12,179,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CM. Ridgewood Investments LLC acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth $29,000. Blue Trust Inc. boosted its stake in shares of 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. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter worth about $51,000. Massmutual Trust Co. FSB ADV increased its position in Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank's stock valued at $56,000 after acquiring an additional 171 shares during the period. Finally, City State Bank purchased a new stake in Canadian Imperial Bank of Commerce during the 3rd quarter valued at approximately $61,000. Institutional investors and hedge funds own 49.88% of the company's stock.

Analyst Ratings Changes

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

Canadian Imperial Bank of Commerce Price Performance

NYSE CM traded down $0.31 during trading hours on Friday, reaching $64.33. The company's stock had a trading volume of 633,513 shares, compared to its average volume of 1,105,633. 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 company's 50-day moving average is $61.53 and its two-hundred day moving average is $53.82. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.29 and a fifty-two week high of $64.79. The stock has a market cap of $60.77 billion, a PE ratio of 12.64, a PEG ratio of 1.84 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last posted its earnings results on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the company earned $1.14 EPS. Canadian Imperial Bank of Commerce's revenue was up 12.9% on a year-over-year basis. Analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.05%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is 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.