PNC Financial Services Group Inc. Has $1.84 Million Stake in Canadian Imperial Bank of Commerce $CM

PNC Financial Services Group Inc. decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 30.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,395 shares of the bank’s stock after selling 8,484 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,838,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS bought a new stake in Canadian Imperial Bank of Commerce in the first quarter worth approximately $132,000. Parallel Advisors LLC boosted its holdings in Canadian Imperial Bank of Commerce by 7.0% in the first quarter. Parallel Advisors LLC now owns 3,994 shares of the bank’s stock worth $378,000 after purchasing an additional 261 shares in the last quarter. SEB Asset Management AB acquired a new position in Canadian Imperial Bank of Commerce during the first quarter worth $23,122,000. Mediolanum International Funds Ltd raised its holdings in Canadian Imperial Bank of Commerce by 142.8% during the first quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock valued at $13,086,000 after buying an additional 83,784 shares in the last quarter. Finally, Assetmark Inc. lifted its position in shares of Canadian Imperial Bank of Commerce by 6.2% in the first quarter. Assetmark Inc. now owns 284,477 shares of the bank’s stock worth $26,954,000 after buying an additional 16,562 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CM shares. Scotiabank reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, June 16th. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Royal Bank Of Canada boosted their price objective 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. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Price Performance

NYSE CM opened at $116.26 on Thursday. The stock has a 50-day simple moving average of $114.35 and a 200 day simple moving average of $105.12. Canadian Imperial Bank of Commerce has a twelve month low of $71.00 and a twelve month high of $122.50. The stock has a market capitalization of $106.12 billion, a PE ratio of 15.97, a P/E/G ratio of 1.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share (EPS) 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 return on equity of 16.31% and a net margin of 15.84%.The company’s revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 EPS. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th were given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 42.58%.

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.