Canadian Imperial Bank of Commerce $CM Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lowered its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 6.3% in the 3rd quarter, Holdings Channel reports. The firm owned 2,632,685 shares of the bank’s stock after selling 177,415 shares during the quarter. Fisher Asset Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $290,069,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cibc World Market Inc. purchased a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $1,342,850,000. Bank of Nova Scotia bought a new position in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $1,297,567,000. Canada Pension Plan Investment Board purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $927,219,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $916,774,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $905,393,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CM shares. Royal Bank Of Canada reissued an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Friday, August 28th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (a-)” rating to a “buy (a)” rating in a research report on Wednesday, November 4th. TD Securities reaffirmed a “buy” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, August 12th. Desjardins lowered Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. One 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 company’s stock. According to data from MarketBeat.com, Canadian Imperial Bank of Commerce presently has a consensus rating of “Moderate Buy” and a consensus target price of $160.00.

Canadian Imperial Bank of Commerce Stock Down 0.5%

Shares of NYSE CM opened at $116.00 on Friday. Canadian Imperial Bank of Commerce has a 52-week low of $82.71 and a 52-week high of $124.86. The firm has a market capitalization of $105.04 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 1.07 and a beta of 1.01. The stock has a 50 day moving average price of $113.92 and a 200 day moving average price of $109.71. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.16. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. The firm had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $5.74 billion. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 7.53 earnings per share for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

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

Canadian Imperial Bank of Commerce Company Profile

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.