Cidel Asset Management Inc. Sells 109,017 Shares of Canadian Imperial Bank of Commerce $CM

Cidel Asset Management Inc. lowered its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 22.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 380,736 shares of the bank’s stock after selling 109,017 shares during the period. Canadian Imperial Bank of Commerce accounts for 2.1% of Cidel Asset Management Inc.’s portfolio, making the stock its 12th largest position. Cidel Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $43,829,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CM. FIL Ltd grew its stake in shares of Canadian Imperial Bank of Commerce by 26.1% in the fourth quarter. FIL Ltd now owns 12,756,323 shares of the bank’s stock worth $1,156,438,000 after acquiring an additional 2,643,495 shares during the last quarter. Bank of Nova Scotia boosted its holdings in Canadian Imperial Bank of Commerce by 0.5% in the 1st quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock valued at $1,201,762,000 after purchasing an additional 57,210 shares during the period. Cibc World Market Inc. boosted its holdings in Canadian Imperial Bank of Commerce by 1.3% in the 4th quarter. Cibc World Market Inc. now owns 12,010,183 shares of the bank’s stock valued at $1,088,243,000 after purchasing an additional 158,634 shares during the period. Mackenzie Financial Corp grew its position in Canadian Imperial Bank of Commerce by 69.3% in the 4th quarter. Mackenzie Financial Corp now owns 10,800,606 shares of the bank’s stock worth $986,173,000 after purchasing an additional 4,419,968 shares during the last quarter. Finally, Norges Bank acquired a new stake in Canadian Imperial Bank of Commerce in the 4th quarter worth $958,383,000. 49.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on CM shares. Desjardins lowered shares of Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Raymond James Financial reissued a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, May 12th. Weiss Ratings raised Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, August 27th. TD Securities reissued a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Finally, Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $116.83 on Wednesday. The firm has a market capitalization of $106.64 billion, a PE ratio of 15.60, a price-to-earnings-growth ratio of 1.19 and a beta of 1.01. 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 $77.95 and a 12-month high of $124.86. The firm has a 50-day moving average price of $117.71 and a 200 day moving average price of $110.04.

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 analysts’ consensus estimates 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 company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 7.41 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Monday, September 28th will be paid a $1.07 dividend. The ex-dividend date of this dividend is Monday, September 28th. This represents a $4.28 annualized dividend and a 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 Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and government clients.

CIBC’s principal activities include personal and commercial banking, wealth management, investment banking and capital markets services. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment advice, brokerage services, asset management, and corporate finance and advisory services.

The bank serves clients primarily in Canada and the United States through its Canadian banking operations, U.S.