67,011 Canadian Imperial Bank of Commerce $CM Shares Sold by Candriam S.C.A.

Candriam S.C.A. trimmed its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 23.4% in the 3rd quarter, Holdings Channel reports. The fund owned 218,884 shares of the bank’s stock after selling 67,011 shares during the quarter. Candriam S.C.A.’s holdings in Canadian Imperial Bank of Commerce were worth $24,252,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CM. Cibc World Market Inc. purchased a new position in Canadian Imperial Bank of Commerce during the 2nd quarter valued at about $1,342,850,000. Bank of Nova Scotia purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter worth about $1,297,567,000. Canada Pension Plan Investment Board purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter worth about $927,219,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Canadian Imperial Bank of Commerce in the second quarter worth about $916,774,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $905,393,000. 49.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CM. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. Barclays reissued an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (a)” rating in a research note on Wednesday. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a “market perform” rating for the company. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $160.00.

Canadian Imperial Bank of Commerce Price Performance

CM opened at $115.12 on Monday. The stock has a 50-day moving average price of $113.74 and a 200-day moving average price of $109.22. 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 firm has a market cap of $104.24 billion, a PE ratio of 15.37, a P/E/G ratio of 1.05 and a beta of 1.01. Canadian Imperial Bank of Commerce has a 1 year low of $82.71 and a 1 year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a net margin of 16.09% and a return on equity of 17.02%. The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.74 billion. Sell-side analysts predict that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th were issued a dividend of C$1.07 per share. The ex-dividend date was Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 41.26%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution headquartered in Toronto, Canada. It traces its roots to the Canadian Bank of Commerce, founded in 1867, and was formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada.

CIBC provides personal and business banking, commercial banking, wealth management, and capital markets services. Its offerings include deposit accounts, mortgages, lending, payment services, investment and financial advice, and financing and advisory services for businesses and institutional clients.

The bank serves individuals, businesses, and institutions across Canada and the United States, as well as clients in select international markets.