Horizon Kinetics Asset Management LLC Takes $644,000 Position in Canadian Imperial Bank of Commerce (NYSE:CM)

Horizon Kinetics Asset Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,500 shares of the bank's stock, valued at approximately $644,000.

A number of other large investors also recently bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $29,000. Blue Trust Inc. increased 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 valued at $45,000 after acquiring an additional 623 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings 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 purchasing an additional 171 shares in the last quarter. City State Bank bought a new position in Canadian Imperial Bank of Commerce during the 3rd quarter valued at $61,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $51,000. Institutional investors own 49.88% of the company's stock.

Canadian Imperial Bank of Commerce Trading Down 1.0 %

Shares of NYSE:CM traded down $0.67 during mid-day trading on Tuesday, hitting $64.74. The stock had a trading volume of 804,517 shares, compared to its average volume of 1,374,459. The company's 50 day moving average is $62.58 and its 200-day moving average is $55.27. Canadian Imperial Bank of Commerce has a 12-month low of $37.97 and a 12-month high of $65.89. 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 has a market cap of $61.15 billion, a PE ratio of 12.72, a P/E/G ratio of 1.71 and a beta of 1.06.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last released 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 company 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 company earned $1.14 earnings per share. The company's revenue for the quarter was up 12.9% on a year-over-year basis. On average, sell-side analysts predict that Canadian Imperial Bank of Commerce will post 5.27 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

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

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a "neutral" rating to a "buy" rating in a research report on Friday, August 30th. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "sell" rating in a report on Saturday, October 19th. BMO Capital Markets lifted 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. Desjardins upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research report on Friday, August 2nd. Finally, Cormark upgraded Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price 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.