Intact Investment Management Inc. Reduces Holdings in Canadian Imperial Bank of Commerce (NYSE:CM)

Intact Investment Management Inc. lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,548,123 shares of the bank’s stock after selling 12,000 shares during the period. Canadian Imperial Bank of Commerce comprises about 3.0% of Intact Investment Management Inc.’s portfolio, making the stock its 2nd largest position. Intact Investment Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $87,098,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CM. Vanguard Group Inc. boosted its position in shares of Canadian Imperial Bank of Commerce by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 39,385,238 shares of the bank’s stock valued at $2,491,431,000 after acquiring an additional 749,843 shares during the period. TD Asset Management Inc. increased its position in Canadian Imperial Bank of Commerce by 3.7% during the 4th quarter. TD Asset Management Inc. now owns 23,600,495 shares of the bank’s stock valued at $1,492,138,000 after purchasing an additional 851,164 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1.1% during the 4th quarter. Toronto Dominion Bank now owns 22,138,015 shares of the bank’s stock valued at $1,398,619,000 after buying an additional 234,088 shares in the last quarter. FIL Ltd boosted its stake in Canadian Imperial Bank of Commerce by 53.6% in the 4th quarter. FIL Ltd now owns 12,387,607 shares of the bank’s stock worth $783,613,000 after purchasing an additional 4,321,451 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Canadian Imperial Bank of Commerce by 1.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,757,382 shares of the bank’s stock worth $679,613,000 after buying an additional 115,884 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CM shares. Scotiabank started coverage on Canadian Imperial Bank of Commerce in a research note on Thursday, May 15th. They issued a “sector outperform” rating for the company. Royal Bank Of Canada raised their price target on Canadian Imperial Bank of Commerce from $108.00 to $116.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. BMO Capital Markets lifted their target price on Canadian Imperial Bank of Commerce from $98.00 to $102.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Jefferies Financial Group downgraded Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Monday, April 21st. Finally, National Bank Financial downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus target price of $109.00.

Canadian Imperial Bank of Commerce Trading Up 0.6%

NYSE:CM opened at $68.88 on Friday. The stock’s 50 day moving average price is $65.07 and its 200 day moving average price is $62.40. The company has a market capitalization of $64.76 billion, a PE ratio of 12.11, a P/E/G ratio of 1.49 and a beta of 1.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. Canadian Imperial Bank of Commerce has a 52-week low of $47.11 and a 52-week high of $69.88.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, May 29th. The bank reported $1.44 EPS for the quarter, beating the consensus estimate of $1.34 by $0.10. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.51% and a net margin of 12.19%. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the firm earned $1.75 EPS. On average, research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, June 27th will be given a dividend of $0.7024 per share. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.81 annualized dividend and a yield of 4.08%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 47.10%.

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.