Principal Financial Group Inc. Reduces Holdings in Canadian Imperial Bank of Commerce $CM

Principal Financial Group Inc. lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 66.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,800 shares of the bank’s stock after selling 24,900 shares during the period. Principal Financial Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,209,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $262,000. EverSource Wealth Advisors LLC lifted its stake in Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock valued at $128,000 after buying an additional 193 shares during the last quarter. Brown Advisory Inc. lifted its stake in Canadian Imperial Bank of Commerce by 2.6% in the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after buying an additional 160 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Canadian Imperial Bank of Commerce by 74.6% in the second quarter. Qube Research & Technologies Ltd now owns 336,017 shares of the bank’s stock valued at $23,833,000 after acquiring an additional 143,588 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of Canadian Imperial Bank of Commerce by 7,315.0% in the second quarter. NewEdge Advisors LLC now owns 2,966 shares of the bank’s stock valued at $210,000 after acquiring an additional 2,926 shares during the period. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Canadian Imperial Bank of Commerce stock opened at $118.54 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The business has a 50 day simple moving average of $114.47 and a 200-day simple moving average of $105.40. Canadian Imperial Bank of Commerce has a 12 month low of $71.00 and a 12 month high of $122.50. The stock has a market capitalization of $108.21 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 1.28 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The firm had revenue of $5.89 billion for the quarter, compared to analyst estimates of $5.86 billion. Canadian Imperial Bank of Commerce had a net margin of 15.84% and a return on equity of 16.31%. Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the firm posted $2.05 EPS. Equities analysts predict that Canadian Imperial Bank of Commerce will post 7.37 earnings per share for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were issued a $1.07 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.28 annualized dividend and a dividend yield of 3.6%. Canadian Imperial Bank of Commerce’s payout ratio is presently 42.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group restated a “hold” rating on shares of Canadian Imperial Bank of Commerce in a research report on Thursday, May 28th. Royal Bank Of Canada increased their price target on shares of Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. Finally, Weiss Ratings cut shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.