Leuthold Group LLC Sells 3,209 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Leuthold Group LLC decreased its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,548 shares of the bank’s stock after selling 3,209 shares during the period. Leuthold Group LLC’s holdings in Canadian Imperial Bank of Commerce were worth $5,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Toronto Dominion Bank grew its holdings 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 purchasing an additional 3,942,894 shares during the period. M&G Plc bought a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $8,221,000. Cetera Advisors LLC bought a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at approximately $1,278,000. Legal & General Group Plc increased its holdings in Canadian Imperial Bank of Commerce by 3.3% in the 2nd quarter. Legal & General Group Plc now owns 7,213,860 shares of the bank’s stock worth $342,946,000 after acquiring an additional 228,130 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in Canadian Imperial Bank of Commerce by 1,091.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 267,124 shares of the bank’s stock worth $13,477,000 after acquiring an additional 244,700 shares during the period. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CM shares. 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. BMO Capital Markets increased their price target on 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. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Cormark raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 30th. Finally, Bank of America raised Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research note on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $62.30 on Monday. The firm has a market cap of $58.75 billion, a PE ratio of 12.92, a PEG ratio of 1.82 and a beta of 1.07. The stock has a 50 day moving average of $59.80 and a 200 day moving average of $52.75. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 12 month low of $34.85 and a 12 month high of $63.36.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 EPS. On average, research analysts expect that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 28th. Stockholders of record on Friday, September 27th will be given a dividend of $0.652 per share. This represents a $2.61 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio is 54.73%.

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.