Canadian Imperial Bank of Commerce $CM Stock: Cardinal Capital Management Inc. Decreases Position

Cardinal Capital Management Inc. decreased its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,407,112 shares of the bank’s stock after selling 126,134 shares during the period. Canadian Imperial Bank of Commerce accounts for about 3.5% of Cardinal Capital Management Inc.’s holdings, making the stock its 7th biggest position. Cardinal Capital Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $155,368,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CM. NFSG Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $75,000. Mn Services Vermogensbeheer B.V. raised its holdings in shares of Canadian Imperial Bank of Commerce by 1.0% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 270,176 shares of the bank’s stock worth $29,826,000 after purchasing an additional 2,700 shares during the period. Farther Finance Advisors LLC grew its holdings in Canadian Imperial Bank of Commerce by 37.3% during the third quarter. Farther Finance Advisors LLC now owns 2,050 shares of the bank’s stock valued at $226,000 after purchasing an additional 557 shares during the period. Fig Financial Advisory Services Inc. ADV bought a new position in Canadian Imperial Bank of Commerce during the third quarter valued at $1,682,000. Finally, Versant Capital Management Inc grew its holdings in Canadian Imperial Bank of Commerce by 3.7% during the third quarter. Versant Capital Management Inc now owns 6,054 shares of the bank’s stock valued at $667,000 after purchasing an additional 215 shares during the period. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Keefe, Bruyette & Woods initiated coverage on Canadian Imperial Bank of Commerce in a research note on Friday, August 21st. They set a “market perform” rating for the company. Royal Bank Of Canada reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Finally, Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $160.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $112.42 on Friday. The company’s 50 day moving average is $114.68 and its 200-day moving average is $112.69. Canadian Imperial Bank of Commerce has a 12-month low of $79.65 and a 12-month high of $124.86. 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 firm has a market cap of $102.62 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.02.

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

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Monday, September 28th will be issued a dividend of C$1.07 per share. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a yield of 3.8%. Canadian Imperial Bank of Commerce’s 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, Ontario. The bank provides banking, lending, investment, wealth management and capital-markets services to individuals, businesses, institutions and governments.

CIBC’s principal business areas include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Its offerings include deposit accounts, mortgages, personal and business loans, credit cards, investment products, financial planning, private wealth services, corporate finance, investment banking, advisory services and securities trading.

The institution was formed in 1961 through the merger of the Canadian Bank of Commerce, established in 1867, and the Imperial Bank of Canada, established in 1873.