Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Mn Services Vermogensbeheer B.V.

Mn Services Vermogensbeheer B.V. cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 4.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 200,400 shares of the bank's stock after selling 8,800 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Canadian Imperial Bank of Commerce were worth $12,306,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CM. Toronto Dominion Bank lifted its position in Canadian Imperial Bank of Commerce by 17.9% during the second quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank's stock valued at $1,233,272,000 after buying an additional 3,942,894 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank's stock worth $867,377,000 after purchasing an additional 3,875,280 shares in the last quarter. Cibc World Market Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 18.9% during the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank's stock worth $938,834,000 after purchasing an additional 3,143,734 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Canadian Imperial Bank of Commerce by 61.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,030,130 shares of the bank's stock worth $334,321,000 after purchasing an additional 2,681,428 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Canadian Imperial Bank of Commerce by 41.3% in the first quarter. Canada Pension Plan Investment Board now owns 5,589,611 shares of the bank's stock worth $283,642,000 after buying an additional 1,634,651 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CM shares. 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 note on Friday, August 30th. 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. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a "hold" rating to a "moderate buy" rating in a research note on Friday, August 2nd. Bank of America upgraded 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 upgraded 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 equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock traded down $0.27 during trading on Wednesday, hitting $63.50. 1,010,192 shares of the stock were exchanged, compared to its average volume of 1,417,642. The stock's fifty day moving average is $61.09 and its 200 day moving average is $53.52. The stock 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. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a 12 month low of $37.25 and a 12 month high of $64.02.

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

Canadian Imperial Bank of Commerce Cuts Dividend

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

Canadian Imperial Bank of Commerce Company 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.