Canadian Imperial Bank of Commerce $CM Stock: Triasima Portfolio Management inc. Reduces Holdings

Triasima Portfolio Management inc. trimmed its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 224,058 shares of the bank’s stock after selling 19,594 shares during the quarter. Canadian Imperial Bank of Commerce accounts for 3.2% of Triasima Portfolio Management inc.’s portfolio, making the stock its 5th largest position. Triasima Portfolio Management inc.’s holdings in Canadian Imperial Bank of Commerce were worth $24,734,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Mn Services Vermogensbeheer B.V. lifted its position in 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 buying an additional 2,700 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 37.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,050 shares of the bank’s stock valued at $226,000 after acquiring an additional 557 shares in the last quarter. Fig Financial Advisory Services Inc. ADV purchased a new position in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $1,682,000. Versant Capital Management Inc grew its holdings in shares of Canadian Imperial Bank of Commerce by 3.7% during the 3rd quarter. Versant Capital Management Inc now owns 6,054 shares of the bank’s stock valued at $667,000 after acquiring an additional 215 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in shares of Canadian Imperial Bank of Commerce by 31.3% in the second quarter. QRG Capital Management Inc. now owns 4,288 shares of the bank’s stock worth $493,000 after acquiring an additional 1,023 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $112.32 on Friday. The firm has a market cap of $102.53 billion, a PE ratio of 14.97, a PEG ratio of 1.09 and a beta of 1.02. The firm’s 50 day moving average price is $114.81 and its 200 day moving average price is $112.69. 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 has a twelve month low of $79.65 and a twelve month high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results 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 during 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%. As a group, research analysts expect that Canadian Imperial Bank of Commerce will post 7.60 EPS for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Monday, September 28th will be issued a dividend of C$1.07 per share. The ex-dividend date is Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.8%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is currently 41.26%.

Analyst Upgrades and Downgrades

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

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.