Letko Brosseau & Associates Inc. Sells 47,685 Shares of Canadian Imperial Bank of Commerce $CM

Letko Brosseau & Associates Inc. lessened its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 3.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,427,884 shares of the bank’s stock after selling 47,685 shares during the quarter. Canadian Imperial Bank of Commerce accounts for approximately 2.0% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 19th largest holding. Letko Brosseau & Associates Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $157,628,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in shares of Canadian Imperial Bank of Commerce by 10.3% in the 3rd quarter. Fifth Third Bancorp now owns 1,605 shares of the bank’s stock worth $177,000 after purchasing an additional 150 shares in the last quarter. Ritholtz Wealth Management increased its position in shares of Canadian Imperial Bank of Commerce by 9.4% during the 3rd quarter. Ritholtz Wealth Management now owns 23,577 shares of the bank’s stock valued at $2,598,000 after purchasing an additional 2,025 shares during the last quarter. Silver Grove Financial Group Inc. raised its holdings in shares of Canadian Imperial Bank of Commerce by 43.9% during the 3rd quarter. Silver Grove Financial Group Inc. now owns 469 shares of the bank’s stock valued at $52,000 after buying an additional 143 shares in the last quarter. Lido Advisors LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 2.7% during the 3rd quarter. Lido Advisors LLC now owns 4,118 shares of the bank’s stock valued at $454,000 after buying an additional 107 shares in the last quarter. Finally, Keybank National Association OH raised its holdings in shares of Canadian Imperial Bank of Commerce by 8.5% during the 3rd quarter. Keybank National Association OH now owns 6,124 shares of the bank’s stock valued at $675,000 after buying an additional 482 shares in the last quarter. Hedge funds and other 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 company has a 50-day simple moving average of $113.92 and a two-hundred day simple moving average of $109.71. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 12-month low of $82.71 and a 12-month high of $124.86. The firm has a market cap of $105.04 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 1.07 and a beta of 1.01.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.16. The firm had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. On average, equities analysts forecast that Canadian Imperial Bank of Commerce will post 7.53 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Monday, September 28th were issued 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 dividend payout ratio is currently 41.26%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CM shares. Barclays restated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. Desjardins cut shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report 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 research note on Wednesday, November 4th. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Finally, TD Securities restated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $160.00.

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.