Neuberger Berman Group LLC Sells 4,990 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Posted by Defense World Staff on Jun 8th, 2023

Neuberger Berman Group LLC trimmed its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 306,554 shares of the bank’s stock after selling 4,990 shares during the period. Neuberger Berman Group LLC’s holdings in Canadian Imperial Bank of Commerce were worth $12,392,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wetherby Asset Management Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 3.0% in the 1st quarter. Wetherby Asset Management Inc. now owns 6,652 shares of the bank’s stock worth $809,000 after buying an additional 193 shares during the last quarter. Glassman Wealth Services boosted its holdings in Canadian Imperial Bank of Commerce by 49.8% in the fourth quarter. Glassman Wealth Services now owns 659 shares of the bank’s stock valued at $27,000 after acquiring an additional 219 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in Canadian Imperial Bank of Commerce by 1.8% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 14,431 shares of the bank’s stock valued at $632,000 after purchasing an additional 253 shares during the period. Captrust Financial Advisors raised its holdings in Canadian Imperial Bank of Commerce by 1.5% in the 3rd quarter. Captrust Financial Advisors now owns 18,231 shares of the bank’s stock worth $798,000 after purchasing an additional 263 shares in the last quarter. Finally, Stephens Inc. AR lifted its position in shares of Canadian Imperial Bank of Commerce by 1.0% in the 4th quarter. Stephens Inc. AR now owns 25,885 shares of the bank’s stock worth $1,047,000 after purchasing an additional 267 shares during the period. 44.40% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $42.91 on Thursday. Canadian Imperial Bank of Commerce has a twelve month low of $39.40 and a twelve month high of $56.19. The company has a market capitalization of $39.38 billion, a P/E ratio of 10.84, a price-to-earnings-growth ratio of 1.64 and a beta of 1.01. The firm has a 50 day moving average of $42.05 and a 200 day moving average of $43.14. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM – Get Rating) (TSE:CM) last issued its earnings results on Thursday, May 25th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. Canadian Imperial Bank of Commerce had a return on equity of 14.13% and a net margin of 11.14%. The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.15 billion. As a group, equities research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.12 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Wednesday, June 28th will be given a $0.642 dividend. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Tuesday, June 27th. This represents a $2.57 dividend on an annualized basis and a yield of 5.98%. Canadian Imperial Bank of Commerce’s payout ratio is 62.88%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CM. CIBC upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Tuesday, May 9th. StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Monday. Royal Bank of Canada upped their price target on Canadian Imperial Bank of Commerce from $69.00 to $70.00 and gave the stock a “sector perform” rating in a research note on Monday, February 27th. Finally, Canaccord Genuity Group raised Canadian Imperial Bank of Commerce from a “hold” rating to a “buy” rating in a research report on Wednesday, May 10th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $70.40.

About Canadian Imperial Bank of Commerce

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Canadian Imperial Bank of Commerce is a financial institution, which engages in the provision of banking and wealth management services. It operates through the following segments: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets, and Corporate and Other.