Canadian Imperial Bank of Commerce (NYSE:CM) Stock Position Increased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.4% in the third quarter, Holdings Channel reports. The institutional investor owned 11,352,605 shares of the bank’s stock after acquiring an additional 375,837 shares during the period. Canadian Imperial Bank of Commerce makes up about 2.3% of CIBC Asset Management Inc’s investment portfolio, making the stock its 10th biggest holding. CIBC Asset Management Inc’s holdings in Canadian Imperial Bank of Commerce were worth $696,659,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Ridgewood Investments LLC bought a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $29,000. Blue Trust Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 571.6% during the third quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock valued at $45,000 after buying 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 during the second quarter valued at approximately $51,000. Massmutual Trust Co. FSB ADV raised its holdings 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 worth $56,000 after buying an additional 171 shares during the period. Finally, City State Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $61,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CM shares. StockNews.com lowered Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research note on Saturday, October 19th. Cormark raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. Desjardins raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Finally, BMO Capital Markets raised their price objective on Canadian Imperial Bank of Commerce from $77.00 to $81.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Trading Down 0.2 %

Shares of NYSE:CM opened at $63.91 on Friday. The stock has a market cap of $60.36 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 1.85 and a beta of 1.06. The business has a 50-day moving average price of $61.88 and a 200-day moving average price of $54.17. Canadian Imperial Bank of Commerce has a 52-week low of $37.97 and a 52-week high of $65.09. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, topping the consensus estimate of $1.74 by $0.19. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.28 billion. Canadian Imperial Bank of Commerce had a return on equity of 13.50% and a net margin of 10.66%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.14 earnings per share. Equities analysts predict that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Stockholders of record on Friday, September 27th were issued a dividend of $0.652 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.61 annualized dividend and a dividend yield of 4.08%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 52.46%.

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.