CIBC Asset Management Inc Cuts Holdings in Canadian Imperial Bank of Commerce $CM

CIBC Asset Management Inc lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,659,703 shares of the bank’s stock after selling 251,273 shares during the period. Canadian Imperial Bank of Commerce comprises about 2.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 6th biggest holding. CIBC Asset Management Inc owned about 1.04% of Canadian Imperial Bank of Commerce worth $876,227,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. CIBC Bancorp USA Inc. bought a new position in Canadian Imperial Bank of Commerce in the third quarter worth about $11,217,000. Mackenzie Financial Corp lifted its holdings in Canadian Imperial Bank of Commerce by 1.1% in the third quarter. Mackenzie Financial Corp now owns 6,380,638 shares of the bank’s stock worth $509,763,000 after acquiring an additional 67,738 shares during the last quarter. Legal & General Group Plc lifted its stake in Canadian Imperial Bank of Commerce by 2.0% in the fourth quarter. Legal & General Group Plc now owns 6,475,253 shares of the bank’s stock valued at $587,790,000 after buying an additional 125,069 shares during the last quarter. Cidel Asset Management Inc. lifted its stake in Canadian Imperial Bank of Commerce by 12.2% in the third quarter. Cidel Asset Management Inc. now owns 508,370 shares of the bank’s stock valued at $40,632,000 after buying an additional 55,138 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Canadian Imperial Bank of Commerce by 34.8% in the third quarter. Fisher Asset Management LLC now owns 1,686,816 shares of the bank’s stock valued at $134,760,000 after buying an additional 435,799 shares during the last quarter. Institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $108.55 on Wednesday. Canadian Imperial Bank of Commerce has a 12 month low of $67.30 and a 12 month high of $117.05. The stock has a market cap of $99.31 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 1.14 and a beta of 1.02. The stock’s 50 day moving average price is $106.15 and its 200 day moving average price is $97.67. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.05 and a quick ratio of 1.05.

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

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be given a $1.07 dividend. The ex-dividend date is Monday, June 29th. This represents a $4.28 annualized dividend and a yield of 3.9%. Canadian Imperial Bank of Commerce’s payout ratio is 43.13%.

Wall Street Analysts Forecast Growth

CM has been the topic of a number of recent research reports. Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Scotiabank cut Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a research note on Monday. Royal Bank Of Canada raised their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a research note on Monday. Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, May 22nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Canadian Imperial Bank of Commerce in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

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.