Canadian Imperial Bank of Commerce $CM Stock Position Reduced by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 14.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,272 shares of the bank’s stock after selling 22,996 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 1.6% of K.J. Harrison & Partners Inc’s holdings, making the stock its 9th largest holding. K.J. Harrison & Partners Inc’s holdings in Canadian Imperial Bank of Commerce were worth $9,938,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 5.1% in the 2nd quarter. Parallel Advisors LLC now owns 3,288 shares of the bank’s stock worth $233,000 after purchasing an additional 160 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Canadian Imperial Bank of Commerce by 0.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 53,477 shares of the bank’s stock worth $3,788,000 after purchasing an additional 173 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 5.3% during the 1st quarter. Benjamin Edwards Inc. now owns 4,320 shares of the bank’s stock valued at $243,000 after buying an additional 216 shares in the last quarter. PDS Planning Inc raised its position in shares of Canadian Imperial Bank of Commerce by 4.0% during the 2nd quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock valued at $401,000 after buying an additional 217 shares in the last quarter. Finally, Private Trust Co. NA raised its position in shares of Canadian Imperial Bank of Commerce by 40.0% during the 1st quarter. Private Trust Co. NA now owns 781 shares of the bank’s stock valued at $44,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

Canadian Imperial Bank of Commerce stock opened at $82.90 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.04. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $84.01. The firm has a market capitalization of $76.99 billion, a P/E ratio of 14.00, a price-to-earnings-growth ratio of 1.76 and a beta of 1.03. The company’s 50-day moving average is $79.93 and its 200 day moving average is $72.78.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.12 billion. During the same period in the prior year, the company posted $1.93 EPS. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. Research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were given a $0.97 dividend. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Monday, September 29th. This represents a $3.88 dividend on an annualized basis and a yield of 4.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 47.64%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday. Royal Bank Of Canada upped 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, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has an average rating of “Moderate Buy” and an average target price of $107.50.

About Canadian Imperial Bank of Commerce

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.