Canadian Imperial Bank of Commerce (NYSE:CM) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM - Free Report) TSE: CM by 3.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,961,978 shares of the bank's stock after selling 74,810 shares during the period. Federated Hermes Inc. owned 0.21% of Canadian Imperial Bank of Commerce worth $93,272,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at $29,000. EverSource Wealth Advisors LLC grew its stake in shares of Canadian Imperial Bank of Commerce by 574.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,066 shares of the bank's stock worth $51,000 after buying an additional 908 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $51,000. Principal Securities Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth $64,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth $107,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on CM shares. Keefe, Bruyette & Woods raised shares of Canadian Imperial Bank of Commerce from a "market perform" rating to an "outperform" rating in a research note on Monday, June 3rd. 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 lifted their price objective 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. UBS Group assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They set a "neutral" rating for the company. Finally, StockNews.com raised shares of Canadian Imperial Bank of Commerce from a "sell" rating to a "hold" rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.9 %

CM traded up $0.53 on Friday, reaching $61.45. 2,065,794 shares of the company traded hands, compared to its average volume of 1,482,176. Canadian Imperial Bank of Commerce has a one year low of $34.35 and a one year high of $61.55. The firm has a fifty day simple moving average of $52.85 and a two-hundred day simple moving average of $50.11. The company has a market cap of $58.05 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.15.

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM last announced its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.63%. The company had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.28 billion. During the same quarter last year, the business posted $1.14 EPS. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be given a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce's payout ratio is currently 54.32%.

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.