Ritholtz Wealth Management Has $975,000 Stock Holdings in Canadian Imperial Bank of Commerce $CM

Ritholtz Wealth Management cut its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 1.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 13,771 shares of the bank’s stock after selling 237 shares during the quarter. Ritholtz Wealth Management’s holdings in Canadian Imperial Bank of Commerce were worth $975,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Ameritas Advisory Services LLC bought a new stake in Canadian Imperial Bank of Commerce in the 2nd quarter valued at $34,000. TruNorth Capital Management LLC lifted its position in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock valued at $29,000 after acquiring an additional 312 shares in the last quarter. HM Payson & Co. bought a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at $29,000. Truvestments Capital LLC bought a new stake in Canadian Imperial Bank of Commerce in the 1st quarter valued at $32,000. Finally, Private Trust Co. NA lifted its position in Canadian Imperial Bank of Commerce by 40.0% in the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock valued at $44,000 after acquiring an additional 223 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on CM shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Royal Bank Of Canada raised their target price on shares of Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Finally, Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Saturday. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.1%

Canadian Imperial Bank of Commerce stock opened at $80.28 on Friday. The company has a fifty day simple moving average of $78.17 and a 200 day simple moving average of $70.81. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $82.23. The company has a market cap of $74.63 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.71 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter last year, the firm posted $1.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th will be given a $0.97 dividend. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.8%. Canadian Imperial Bank of Commerce’s payout ratio is 47.64%.

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.