CIBC Asset Management Inc Reduces Stake in Canadian Imperial Bank of Commerce $CM

CIBC Asset Management Inc cut its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,659,703 shares of the bank’s stock after selling 251,273 shares during the quarter. Canadian Imperial Bank of Commerce comprises about 2.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 6th biggest holding. CIBC Asset Management Inc’s holdings in Canadian Imperial Bank of Commerce were worth $876,227,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CM. Larson Financial Group LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 119.7% in the third quarter. Larson Financial Group LLC now owns 402 shares of the bank’s stock valued at $32,000 after buying an additional 219 shares in the last quarter. Guerra Advisors Inc bought a new position in shares of Canadian Imperial Bank of Commerce in the third quarter valued at $35,000. Lodestone Wealth Management LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $37,000. Smartleaf Asset Management LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 128.1% in the third quarter. Smartleaf Asset Management LLC now owns 723 shares of the bank’s stock valued at $58,000 after buying an additional 406 shares in the last quarter. Finally, Aventura Private Wealth LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the fourth quarter valued at $69,000. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CM. Royal Bank Of Canada upped their price target on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the company an “outperform” rating in a report on Monday. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Scotiabank downgraded Canadian Imperial Bank of Commerce from an “outperform” rating to a “sector perform” rating in a report on Monday. Raymond James Financial restated a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $108.55 on Wednesday. The company has a market cap of $99.31 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.14 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12-month low of $67.30 and a 12-month high of $117.05. 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 company’s fifty day moving average is $106.15 and its two-hundred day moving average is $97.67.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to the consensus estimate of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The firm’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 EPS. Equities analysts expect that Canadian Imperial Bank of Commerce will post 7.43 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Stockholders of record on Monday, June 29th will be issued a $1.07 dividend. The ex-dividend date is Monday, June 29th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.9%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 43.13%.

About Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE: CM), commonly known as CIBC, is a major Canadian financial institution headquartered in Toronto. Formed in 1961 through the merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, CIBC is one of Canada’s largest banks and provides a broad range of banking and financial services to retail, small business, commercial and institutional clients.

CIBC’s activities span personal and business banking, wealth management, capital markets and corporate banking.