Beutel Goodman & Co Ltd. Sells 73,148 Shares of Canadian Imperial Bank of Commerce (CM)

Beutel Goodman & Co Ltd. trimmed its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 8.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 779,890 shares of the bank’s stock after selling 73,148 shares during the quarter. Beutel Goodman & Co Ltd. owned about 0.18% of Canadian Imperial Bank of Commerce worth $73,020,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Morgan Stanley lifted its position in shares of Canadian Imperial Bank of Commerce by 16.4% during the 2nd quarter. Morgan Stanley now owns 551,597 shares of the bank’s stock valued at $47,944,000 after acquiring an additional 77,880 shares during the period. AMP Capital Investors Ltd lifted its position in shares of Canadian Imperial Bank of Commerce by 7.8% during the 2nd quarter. AMP Capital Investors Ltd now owns 155,792 shares of the bank’s stock valued at $13,544,000 after acquiring an additional 11,245 shares during the period. First Bank & Trust lifted its position in shares of Canadian Imperial Bank of Commerce by 12.0% during the 2nd quarter. First Bank & Trust now owns 13,957 shares of the bank’s stock valued at $1,213,000 after acquiring an additional 1,494 shares during the period. Bank of Nova Scotia lifted its position in shares of Canadian Imperial Bank of Commerce by 3.1% during the 2nd quarter. Bank of Nova Scotia now owns 5,172,697 shares of the bank’s stock valued at $449,513,000 after acquiring an additional 155,033 shares during the period. Finally, Barometer Capital Management Inc. bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $2,869,000. Hedge funds and other institutional investors own 46.23% of the company’s stock.

Canadian Imperial Bank of Commerce stock opened at $86.32 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.12. Canadian Imperial Bank of Commerce has a 52 week low of $84.88 and a 52 week high of $100.01. The firm has a market cap of $38.28 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.67 and a beta of 1.20.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, August 23rd. The bank reported $3.08 EPS for the quarter, topping analysts’ consensus estimates of $2.22 by $0.86. Canadian Imperial Bank of Commerce had a return on equity of 17.77% and a net margin of 21.27%. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the previous year, the firm earned $2.77 EPS. As a group, research analysts forecast that Canadian Imperial Bank of Commerce will post 9.35 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 29th. Stockholders of record on Friday, September 28th were issued a dividend of $1.0412 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 4.82%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $1.04. Canadian Imperial Bank of Commerce’s payout ratio is 46.91%.

A number of analysts have recently weighed in on CM shares. ValuEngine downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Thursday, July 19th. Zacks Investment Research downgraded Canadian Imperial Bank of Commerce from a “hold” rating to a “sell” rating in a research report on Tuesday, July 24th. Finally, TheStreet upgraded Canadian Imperial Bank of Commerce from a “c” rating to a “b-” rating in a research report on Thursday, August 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $123.00.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to individual, small business, commercial, corporate, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Small Business Banking; Canadian Commercial Banking and Wealth Management; U.S.

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Institutional Ownership by Quarter for Canadian Imperial Bank of Commerce (NYSE:CM)

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