Canadian Imperial Bank of Commerce $CM Position Boosted by Cibc World Market Inc.

Cibc World Market Inc. lifted its holdings in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.1% in the third quarter, Holdings Channel reports. The fund owned 11,851,549 shares of the bank’s stock after purchasing an additional 16,618 shares during the quarter. Canadian Imperial Bank of Commerce makes up 1.7% of Cibc World Market Inc.’s holdings, making the stock its 10th biggest holding. Cibc World Market Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $946,820,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Norges Bank purchased a new position in Canadian Imperial Bank of Commerce during the second quarter valued at approximately $730,245,000. The Manufacturers Life Insurance Company raised its stake in shares of Canadian Imperial Bank of Commerce by 130.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after acquiring an additional 4,160,060 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Canadian Imperial Bank of Commerce by 51.8% during the second quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock valued at $503,383,000 after acquiring an additional 2,425,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in Canadian Imperial Bank of Commerce by 3.5% in the second quarter. Vanguard Group Inc. now owns 41,410,285 shares of the bank’s stock valued at $2,939,385,000 after acquiring an additional 1,382,123 shares in the last quarter. Finally, Fisher Asset Management LLC acquired a new stake in Canadian Imperial Bank of Commerce in the second quarter valued at approximately $88,610,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CM has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Raymond James Financial started coverage on shares of Canadian Imperial Bank of Commerce in a report on Tuesday, November 25th. They set a “market perform” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Finally, Zacks Research cut Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of Canadian Imperial Bank of Commerce stock opened at $98.03 on Wednesday. The stock has a market capitalization of $90.84 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 1.32 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $98.44. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average of $92.45 and a 200 day moving average of $84.14.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last posted its quarterly earnings results on Thursday, December 4th. The bank reported $1.57 earnings per share (EPS) for the quarter, beating 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 company earned $1.91 EPS. Canadian Imperial Bank of Commerce’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, sell-side 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. Investors of record on Monday, December 29th were given a $1.07 dividend. 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. This represents a $4.28 annualized dividend and a yield of 4.4%. Canadian Imperial Bank of Commerce’s payout ratio is presently 50.25%.

Canadian Imperial Bank of Commerce Company Profile

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.