Canadian Imperial Bank of Commerce $CM Shares Sold by Sienna Gestion

Sienna Gestion cut its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 13.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 116,221 shares of the bank’s stock after selling 17,600 shares during the quarter. Sienna Gestion’s holdings in Canadian Imperial Bank of Commerce were worth $10,591,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. CIBC Bancorp USA Inc. acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 3rd quarter worth $11,217,000. Mackenzie Financial Corp increased its position in shares of Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank’s stock worth $509,763,000 after purchasing an additional 67,738 shares during the last quarter. Legal & General Group Plc increased its position in shares of Canadian Imperial Bank of Commerce by 2.0% during the 4th quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock worth $587,790,000 after purchasing an additional 125,069 shares during the last quarter. Intech Investment Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 6.5% during the 4th quarter. Intech Investment Management LLC now owns 343,828 shares of the bank’s stock worth $31,211,000 after purchasing an additional 21,078 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in shares of Canadian Imperial Bank of Commerce by 34.8% during the 3rd quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank’s stock worth $134,760,000 after purchasing an additional 435,799 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent analyst reports. Weiss Ratings downgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Thursday, June 4th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Monday, June 1st. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada raised their price objective on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $113.68 on Tuesday. The company has a market cap of $103.77 billion, a P/E ratio of 15.61, a P/E/G ratio of 1.22 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a 50-day moving average of $109.20 and a two-hundred day moving average of $99.43. Canadian Imperial Bank of Commerce has a 1-year low of $68.32 and a 1-year high of $117.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion during the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.Canadian Imperial Bank of Commerce’s revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.05 EPS. As a group, analysts anticipate that Canadian Imperial Bank of Commerce will post 7.43 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 43.13%.

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.