Envestnet Asset Management Inc. Has $9.94 Million Stock Holdings in Canadian Imperial Bank of Commerce $CM

Envestnet Asset Management Inc. trimmed its position in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 70.4% during the third quarter, HoldingsChannel.com reports. The fund owned 124,364 shares of the bank’s stock after selling 296,221 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $9,935,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brown Advisory Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 2.6% in the 2nd quarter. Brown Advisory Inc. now owns 6,277 shares of the bank’s stock valued at $445,000 after purchasing an additional 160 shares in the last quarter. Pacifica Partners Inc. boosted its stake 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 valued at $141,000 after buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake 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 valued at $128,000 after buying an additional 193 shares in the last quarter. Baron Wealth Management LLC raised its stake in Canadian Imperial Bank of Commerce by 7.0% during the third quarter. Baron Wealth Management LLC now owns 3,364 shares of the bank’s stock worth $269,000 after acquiring an additional 221 shares in the last quarter. Finally, L.M. Kohn & Company lifted its holdings in shares of Canadian Imperial Bank of Commerce by 6.0% in the second quarter. L.M. Kohn & Company now owns 4,090 shares of the bank’s stock worth $290,000 after acquiring an additional 230 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Canadian Imperial Bank of Commerce Stock Performance

NYSE CM opened at $96.79 on Thursday. The company has a market capitalization of $89.69 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 1.28 and a beta of 1.02. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Canadian Imperial Bank of Commerce has a twelve month low of $53.62 and a twelve month high of $98.50. The stock has a fifty day simple moving average of $93.17 and a 200 day simple moving average of $85.06.

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, beating analysts’ consensus estimates of $1.49 by $0.08. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.23 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.93% and a net margin of 13.57%.The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.91 EPS. Sell-side analysts expect that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Monday, December 29th were given a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $4.28 dividend on an annualized basis and a yield of 4.4%. This is a boost from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.97. Canadian Imperial Bank of Commerce’s payout ratio is currently 50.25%.

Canadian Imperial Bank of Commerce 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.