Galibier Capital Management Ltd. Sells 73,251 Shares of Canadian Imperial Bank of Commerce $CM

Galibier Capital Management Ltd. trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 25.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,022 shares of the bank’s stock after selling 73,251 shares during the period. Canadian Imperial Bank of Commerce accounts for about 5.6% of Galibier Capital Management Ltd.’s holdings, making the stock its 7th biggest holding. Galibier Capital Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $16,946,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CM. Trexquant Investment LP purchased a new stake in Canadian Imperial Bank of Commerce during the 1st quarter valued at about $299,000. Baird Financial Group Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 32.3% during the 1st quarter. Baird Financial Group Inc. now owns 40,130 shares of the bank’s stock worth $2,259,000 after purchasing an additional 9,798 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Canadian Imperial Bank of Commerce by 405.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,187,068 shares of the bank’s stock valued at $292,032,000 after purchasing an additional 4,160,938 shares in the last quarter. Sciencast Management LP acquired a new stake in shares of Canadian Imperial Bank of Commerce in the first quarter valued at approximately $546,000. Finally, Zurich Insurance Group Ltd FI increased its holdings in shares of Canadian Imperial Bank of Commerce by 1,784.1% in the first quarter. Zurich Insurance Group Ltd FI now owns 685,827 shares of the bank’s stock valued at $38,622,000 after purchasing an additional 649,427 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $91.82 on Friday. The stock has a fifty day simple moving average of $87.93 and a 200-day simple moving average of $79.95. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock has a market cap of $85.28 billion, a PE ratio of 15.08, a P/E/G ratio of 1.23 and a beta of 1.02. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $94.16.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a net margin of 13.57% and a return on equity of 14.93%. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.91 earnings per share. Equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Monday, December 29th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, December 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio is 50.25%.

Analyst Upgrades and Downgrades

CM has been the topic of a number of recent research reports. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Zacks Research upgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Raymond James Financial began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They set a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.