BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 1,823,808 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 25.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,206,322 shares of the bank’s stock after selling 1,823,808 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 1.9% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s investment portfolio, making the stock its 9th biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.55% of Canadian Imperial Bank of Commerce worth $319,320,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CM. Janus Henderson Group PLC raised its stake in Canadian Imperial Bank of Commerce by 4.6% during the 1st quarter. Janus Henderson Group PLC now owns 94,739 shares of the bank’s stock valued at $4,808,000 after purchasing an additional 4,200 shares during the period. Atria Investments Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% during the 1st quarter. Atria Investments Inc now owns 27,609 shares of the bank’s stock valued at $1,400,000 after acquiring an additional 691 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Canadian Imperial Bank of Commerce by 59.7% during the 1st quarter. Cetera Investment Advisers now owns 47,872 shares of the bank’s stock valued at $2,428,000 after acquiring an additional 17,894 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of Canadian Imperial Bank of Commerce during the 1st quarter valued at $1,278,000. Finally, Cardinal Capital Management Inc. grew its holdings in shares of Canadian Imperial Bank of Commerce by 0.3% during the 2nd quarter. Cardinal Capital Management Inc. now owns 2,284,747 shares of the bank’s stock valued at $108,569,000 after acquiring an additional 5,738 shares in the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $64.78 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $61.19 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 1.70 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 1-year low of $39.90 and a 1-year high of $65.89. The firm’s 50-day moving average price is $62.78 and its two-hundred day moving average price is $55.51.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 29th. The bank reported $1.93 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $6.28 billion. During the same period in the prior year, the firm earned $1.14 earnings per share. Canadian Imperial Bank of Commerce’s revenue was up 12.9% compared to the same quarter last year. On average, equities analysts predict that Canadian Imperial Bank of Commerce will post 5.25 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CM has been the topic of several research analyst reports. Desjardins upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 2nd. StockNews.com cut shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a report on Saturday, October 19th. Bank of America upgraded shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. 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 company an “outperform” rating in a report on Friday, August 30th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Imperial Bank of Commerce currently has an average rating of “Hold” and an average price target of $81.00.

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.