Assetmark Inc. Lowers Stock Position in Canadian Imperial Bank of Commerce $CM

Assetmark Inc. cut its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 5.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 260,398 shares of the bank’s stock after selling 14,069 shares during the quarter. Assetmark Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $20,803,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Salem Investment Counselors Inc. bought a new stake in Canadian Imperial Bank of Commerce during the third quarter worth $30,000. Toth Financial Advisory Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter valued at $32,000. AdvisorNet Financial Inc raised its stake in shares of Canadian Imperial Bank of Commerce by 300.0% during the 3rd quarter. AdvisorNet Financial Inc now owns 400 shares of the bank’s stock worth $32,000 after purchasing an additional 300 shares during the period. Grey Fox Wealth Advisors LLC bought a new stake in shares of Canadian Imperial Bank of Commerce during the 3rd quarter worth $34,000. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth about $35,000. 49.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CM. Zacks Research downgraded 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 shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Canadian Imperial Bank of Commerce currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Canadian Imperial Bank of Commerce Stock Up 0.5%

Shares of NYSE CM opened at $95.78 on Friday. 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 company has a market cap of $88.75 billion, a P/E ratio of 15.73, a P/E/G ratio of 1.29 and a beta of 1.02. Canadian Imperial Bank of Commerce has a 52 week low of $53.62 and a 52 week high of $98.50. The business has a 50-day simple moving average of $92.84 and a two-hundred day simple moving average of $84.54.

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

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were issued a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Monday, December 29th. This is a positive change from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is 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.