Canadian Imperial Bank of Commerce $CM Stock Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. lowered its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,427,884 shares of the bank’s stock after selling 47,685 shares during the quarter. Canadian Imperial Bank of Commerce makes up 2.0% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 19th largest position. Letko Brosseau & Associates Inc. owned about 0.16% of Canadian Imperial Bank of Commerce worth $157,628,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in CM. Deutsche Bank AG purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth about $237,643,000. Mediolanum International Funds Ltd boosted its position in shares of Canadian Imperial Bank of Commerce by 142.8% in the first quarter. Mediolanum International Funds Ltd now owns 142,455 shares of the bank’s stock valued at $13,086,000 after acquiring an additional 83,784 shares during the period. Bank of Nova Scotia grew its stake in Canadian Imperial Bank of Commerce by 0.5% during the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock valued at $1,201,762,000 after acquiring an additional 57,210 shares in the last quarter. Man Group plc purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $4,434,000. Finally, Tacita Capital Inc purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $1,834,000. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $116.00 on Friday. The stock has a market cap of $105.04 billion, a P/E ratio of 15.49, a PEG ratio of 1.07 and a beta of 1.01. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $113.92 and its two-hundred day moving average price is $109.71. Canadian Imperial Bank of Commerce has a twelve month low of $82.71 and a twelve month high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 EPS for the quarter, topping the consensus estimate of $1.80 by $0.16. The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. As a group, equities analysts predict that Canadian Imperial Bank of Commerce will post 7.53 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Analyst Upgrades and Downgrades

CM has been the topic of several recent analyst reports. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Weiss Ratings raised shares of Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (a)” rating in a report on Wednesday, November 4th. Keefe, Bruyette & Woods began coverage on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a “market perform” rating for the company. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 28th. Finally, TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $160.00.

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.