Versor Investments LP Lowers Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Versor Investments LP reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 68.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 6,055 shares of the bank’s stock after selling 13,004 shares during the period. Versor Investments LP’s holdings in Canadian Imperial Bank of Commerce were worth $371,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CM. Ridgewood Investments LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at $29,000. Blue Trust Inc. increased its position in Canadian Imperial Bank of Commerce by 571.6% during the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after purchasing an additional 623 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after purchasing an additional 171 shares in the last quarter. City State Bank purchased a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth approximately $61,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $51,000. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $63.56 on Friday. Canadian Imperial Bank of Commerce has a fifty-two week low of $37.97 and a fifty-two week high of $65.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $60.04 billion, a PE ratio of 12.52, a P/E/G ratio of 1.85 and a beta of 1.06. The business has a 50-day simple moving average of $61.97 and a two-hundred day simple moving average of $54.24.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released 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. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period last year, the business earned $1.14 EPS. As a group, equities analysts expect that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were given a $0.652 dividend. This represents a $2.61 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is 52.26%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Desjardins raised Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. StockNews.com downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Cormark upgraded 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 increased their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, Bank of America raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $81.00.

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.