Bessemer Group Inc. Sells 13,060 Shares of Canadian Imperial Bank of Commerce $CM

Bessemer Group Inc. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 109,583 shares of the bank’s stock after selling 13,060 shares during the period. Bessemer Group Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $9,942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Independent Advisor Alliance increased its position in Canadian Imperial Bank of Commerce by 17.8% during the 4th quarter. Independent Advisor Alliance now owns 3,926 shares of the bank’s stock valued at $356,000 after buying an additional 593 shares in the last quarter. World Investment Advisors bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $244,000. Versor Investments LP bought a new position in Canadian Imperial Bank of Commerce during the 4th quarter valued at approximately $317,000. Swiss Life Asset Management Ltd increased its position in Canadian Imperial Bank of Commerce by 2.0% during the 4th quarter. Swiss Life Asset Management Ltd now owns 79,070 shares of the bank’s stock valued at $7,168,000 after buying an additional 1,542 shares in the last quarter. Finally, Kepler Cheuvreux Suisse SA increased its position in Canadian Imperial Bank of Commerce by 105.3% during the 4th quarter. Kepler Cheuvreux Suisse SA now owns 287,239 shares of the bank’s stock valued at $26,027,000 after buying an additional 147,321 shares in the last quarter. Institutional investors own 49.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CM shares. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, May 4th. Barclays raised Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a report on Thursday, February 19th. Weiss Ratings lowered Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, April 17th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Zacks Research lowered Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $111.40 on Monday. The company has a market cap of $102.29 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 1.15 and a beta of 1.05. Canadian Imperial Bank of Commerce has a 1 year low of $65.64 and a 1 year high of $113.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.02 and a quick ratio of 1.02. The stock’s fifty day moving average price is $102.86 and its 200-day moving average price is $95.43.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the business posted $2.20 EPS. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 7.49 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, March 27th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 45.63%.

Canadian Imperial Bank of Commerce 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.