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

Candriam S.C.A. reduced its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 6.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 326,589 shares of the bank’s stock after selling 22,616 shares during the quarter. Candriam S.C.A.’s holdings in Canadian Imperial Bank of Commerce were worth $23,136,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CM. Geode Capital Management LLC grew its position in Canadian Imperial Bank of Commerce by 19.7% during the 2nd quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock worth $542,697,000 after purchasing an additional 1,244,271 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Canadian Imperial Bank of Commerce by 21.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 34,519 shares of the bank’s stock valued at $2,445,000 after acquiring an additional 6,018 shares during the period. Vise Technologies Inc. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth approximately $1,822,000. Scheer Rowlett & Associates Investment Management Ltd. raised its stake in shares of Canadian Imperial Bank of Commerce by 3.4% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 418,123 shares of the bank’s stock worth $29,698,000 after purchasing an additional 13,584 shares during the last quarter. Finally, PCJ Investment Counsel Ltd. grew its position in Canadian Imperial Bank of Commerce by 63.4% in the 2nd quarter. PCJ Investment Counsel Ltd. now owns 53,110 shares of the bank’s stock valued at $3,772,000 after buying an additional 20,610 shares during the last quarter. 49.88% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CM has been the subject of a number of analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Royal Bank Of Canada lifted their price objective on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $86.15 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. Canadian Imperial Bank of Commerce has a 52-week low of $53.62 and a 52-week high of $87.29. The company has a 50-day simple moving average of $81.45 and a 200-day simple moving average of $74.17. The company has a market capitalization of $80.01 billion, a PE ratio of 14.55, a P/E/G ratio of 1.76 and a beta of 1.03.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 28th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Canadian Imperial Bank of Commerce had a net margin of 12.94% and a return on equity of 14.67%. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. Equities research analysts predict that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 28th. Investors of record on Monday, September 29th were paid a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 47.64%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.