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) (TSE:CM) by 3.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,961,978 shares of the bank’s stock after selling 74,810 shares during the quarter. Federated Hermes Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $93,272,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ridgewood Investments LLC purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its stake in 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 valued at $51,000 after buying an additional 908 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth $51,000. Principal Securities Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 4th quarter worth $64,000. Finally, Jones Financial Companies Lllp purchased a new stake in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at about $107,000. 49.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CM shares. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. Keefe, Bruyette & Woods raised Canadian Imperial Bank of Commerce from a “market perform” rating to an “outperform” rating in a research note on Monday, June 3rd. UBS Group began coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, July 2nd. They issued a “neutral” rating on the stock. 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. Finally, Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $60.93 on Friday. The firm has a market capitalization of $57.55 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.06 and a quick ratio of 1.06. The business’s 50 day simple moving average is $52.85 and its 200-day simple moving average is $50.11. Canadian Imperial Bank of Commerce has a 12 month low of $34.35 and a 12 month high of $61.25.

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, topping analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a return on equity of 13.63% and a net margin of 10.66%. The company had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the previous year, the business earned $1.14 earnings per share. Canadian Imperial Bank of Commerce’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts forecast that Canadian Imperial Bank of Commerce will post 5.36 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be given a $0.652 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.28%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 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.