Allianz Asset Management GmbH Has $11.46 Million Position in Canadian Imperial Bank of Commerce $CM

Allianz Asset Management GmbH decreased its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 77.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 143,377 shares of the bank’s stock after selling 485,835 shares during the quarter. Allianz Asset Management GmbH’s holdings in Canadian Imperial Bank of Commerce were worth $11,460,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Brown Advisory Inc. raised its position in shares of Canadian Imperial Bank of Commerce by 2.6% during the second quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock worth $445,000 after acquiring an additional 160 shares during the last quarter. Pacifica Partners Inc. increased its position in Canadian Imperial Bank of Commerce by 12.1% in the third quarter. Pacifica Partners Inc. now owns 1,756 shares of the bank’s stock worth $141,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC increased its position in Canadian Imperial Bank of Commerce by 12.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,801 shares of the bank’s stock worth $128,000 after purchasing an additional 193 shares during the period. PDS Planning Inc raised its holdings in Canadian Imperial Bank of Commerce by 4.0% during the 2nd quarter. PDS Planning Inc now owns 5,655 shares of the bank’s stock worth $401,000 after purchasing an additional 217 shares during the last quarter. Finally, Baron Wealth Management LLC lifted its position in Canadian Imperial Bank of Commerce by 7.0% during the 3rd quarter. Baron Wealth Management LLC now owns 3,364 shares of the bank’s stock valued at $269,000 after purchasing an additional 221 shares during the period. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CM. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Zacks Research lowered shares of Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Wall Street Zen raised Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Finally, Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

CM stock opened at $96.74 on Monday. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $96.96. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm has a market cap of $89.64 billion, a PE ratio of 15.89, a P/E/G ratio of 1.32 and a beta of 1.02. The business’s 50-day moving average price is $91.97 and its two-hundred day moving average price is $83.80.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.08. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the firm posted $1.91 earnings per share. Canadian Imperial Bank of Commerce’s revenue was up 14.5% compared to the same quarter last year. As a group, research analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.4%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. The ex-dividend date was Monday, December 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 50.25%.

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.