Raleigh Capital Management Inc. Sells 398 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Raleigh Capital Management Inc. reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 19,066 shares of the bank’s stock after selling 398 shares during the period. Raleigh Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $1,170,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $29,000. Blue Trust Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 571.6% in the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after acquiring an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth $51,000. Massmutual Trust Co. FSB ADV grew its position in shares of Canadian Imperial Bank of Commerce by 23.1% in the third 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. Finally, City State Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $61,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $62.39 on Tuesday. 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 stock has a market capitalization of $58.83 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.82 and a beta of 1.07. The stock’s 50 day moving average price is $58.91 and its 200-day moving average price is $52.39. Canadian Imperial Bank of Commerce has a 52-week low of $34.35 and a 52-week high of $63.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.19. Canadian Imperial Bank of Commerce had a net margin of 10.66% and a return on equity of 13.50%. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the previous year, the firm earned $1.14 EPS. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.36 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Investors of record on Friday, September 27th will be paid a $0.652 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 54.73%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CM. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research note on Friday, August 2nd. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. UBS Group started coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, BMO Capital Markets boosted their price target on shares of Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $81.00.

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.