Scheer Rowlett & Associates Investment Management Ltd. Sells 92,526 Shares of Canadian Imperial Bank of Commerce (NYSE:CM)

Scheer Rowlett & Associates Investment Management Ltd. reduced its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.3% in the 3rd quarter, Holdings Channel reports. The firm owned 1,167,732 shares of the bank’s stock after selling 92,526 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 5.0% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 6th largest position. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $71,621,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Toronto Dominion Bank grew its holdings in shares of Canadian Imperial Bank of Commerce by 17.9% during the 2nd quarter. Toronto Dominion Bank now owns 25,941,777 shares of the bank’s stock valued at $1,233,272,000 after purchasing an additional 3,942,894 shares during the last quarter. Cibc World Market Inc. boosted its position in Canadian Imperial Bank of Commerce by 18.9% in the second quarter. Cibc World Market Inc. now owns 19,748,305 shares of the bank’s stock valued at $938,834,000 after buying an additional 3,143,734 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Canadian Imperial Bank of Commerce by 26.8% during the second quarter. National Bank of Canada FI now owns 18,340,869 shares of the bank’s stock worth $867,377,000 after buying an additional 3,875,280 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the third quarter. CIBC Asset Management Inc now owns 11,352,605 shares of the bank’s stock worth $696,659,000 after buying an additional 375,837 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Canadian Imperial Bank of Commerce by 14.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,641,498 shares of the bank’s stock worth $652,676,000 after buying an additional 1,305,665 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CM shares. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Cormark upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a report on Friday, August 30th. StockNews.com lowered 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 raised shares of Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a report on Friday, August 30th. Finally, BMO Capital Markets upped 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 research report on Friday, August 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $81.00.

Canadian Imperial Bank of Commerce Trading Up 0.3 %

CM stock traded up $0.21 during trading on Wednesday, hitting $64.54. The company had a trading volume of 78,691 shares, compared to its average volume of 1,381,655. The stock has a market cap of $60.96 billion, a PE ratio of 12.64, a PEG ratio of 1.84 and a beta of 1.06. The business has a 50-day moving average of $62.20 and a 200-day moving average of $54.69. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a one year low of $37.97 and a one year high of $65.09.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings data on Thursday, August 29th. The bank reported $1.93 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 company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period in the prior year, the firm posted $1.14 EPS. The company’s quarterly revenue was up 12.9% on a year-over-year basis. Research analysts predict that Canadian Imperial Bank of Commerce will post 5.34 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 28th. Shareholders of record on Friday, September 27th were paid a $0.652 dividend. This represents a $2.61 annualized dividend and a yield of 4.04%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 52.26%.

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.