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

CIBC Asset Management Inc raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,352,605 shares of the bank’s stock after buying an additional 375,837 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.3% of CIBC Asset Management Inc’s investment portfolio, making the stock its 10th biggest holding. CIBC Asset Management Inc owned about 1.20% of Canadian Imperial Bank of Commerce worth $696,659,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in Canadian Imperial Bank of Commerce in the 2nd quarter worth about $29,000. Blue Trust Inc. grew its position in Canadian Imperial Bank of Commerce by 571.6% in the 3rd quarter. Blue Trust Inc. now owns 732 shares of the bank’s stock worth $45,000 after purchasing an additional 623 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter valued at $51,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Canadian Imperial Bank of Commerce by 23.1% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 911 shares of the bank’s stock valued at $56,000 after buying an additional 171 shares during the period. Finally, City State Bank purchased a new position in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $61,000. 49.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CM. Cormark upgraded shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 30th. BMO Capital Markets boosted their price objective 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. Bank of America upgraded Canadian Imperial Bank of Commerce from a “neutral” rating to a “buy” rating in a research report on Friday, August 30th. Desjardins upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “moderate buy” rating in a research report on Friday, August 2nd. Finally, StockNews.com cut Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Saturday, October 19th. Two 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $81.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $63.91 on Friday. The stock has a 50-day moving average price of $61.88 and a 200 day moving average price of $54.17. The stock has a market capitalization of $60.36 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.85 and a beta of 1.06. Canadian Imperial Bank of Commerce has a 12-month low of $37.97 and a 12-month high of $65.09. 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 (NYSE:CM) (TSE:CM) last announced 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 during the quarter, compared to analyst estimates of $6.28 billion. During the same period last year, the firm posted $1.14 EPS. The company’s revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.34 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Cuts Dividend

The business 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 4.08%. The ex-dividend date was Friday, September 27th. Canadian Imperial Bank of Commerce’s payout ratio is currently 52.46%.

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.