Bank of Nova Scotia Reduces Position in Canadian Imperial Bank of Commerce $CM

Bank of Nova Scotia decreased its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 7.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 16,608,222 shares of the bank’s stock after selling 1,359,214 shares during the quarter. Canadian Imperial Bank of Commerce comprises approximately 2.4% of Bank of Nova Scotia’s portfolio, making the stock its 8th largest holding. Bank of Nova Scotia’s holdings in Canadian Imperial Bank of Commerce were worth $1,178,542,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Cetera Investment Advisers grew its holdings in shares of Canadian Imperial Bank of Commerce by 1.4% in the first quarter. Cetera Investment Advisers now owns 27,524 shares of the bank’s stock valued at $1,550,000 after acquiring an additional 369 shares in the last quarter. US Bancorp DE boosted its position in Canadian Imperial Bank of Commerce by 16.0% in the first quarter. US Bancorp DE now owns 14,530 shares of the bank’s stock worth $818,000 after purchasing an additional 2,008 shares during the last quarter. Vanguard Group Inc. grew its stake in Canadian Imperial Bank of Commerce by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 40,028,162 shares of the bank’s stock valued at $2,251,664,000 after purchasing an additional 642,924 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,538,473 shares of the bank’s stock valued at $142,776,000 after purchasing an additional 11,700 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Canadian Imperial Bank of Commerce by 31.6% during the 1st quarter. JPMorgan Chase & Co. now owns 10,581,914 shares of the bank’s stock worth $595,762,000 after purchasing an additional 2,538,808 shares during the period. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE:CM opened at $91.22 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The stock has a market cap of $84.72 billion, a PE ratio of 14.98, a PEG ratio of 1.27 and a beta of 1.02. The company’s fifty day moving average is $83.43 and its 200 day moving average is $76.76. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $91.47.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.08. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.Canadian Imperial Bank of Commerce’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $1.91 earnings per share. Research analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th will be paid a dividend of $1.07 per share. The ex-dividend date is Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.7%. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is 46.31%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Finally, Royal Bank Of Canada increased their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.