Canadian Imperial Bank of Commerce $CM Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia lifted its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 12,683,488 shares of the bank’s stock after acquiring an additional 57,210 shares during the period. Canadian Imperial Bank of Commerce accounts for approximately 2.0% of Bank of Nova Scotia’s portfolio, making the stock its 11th biggest holding. Bank of Nova Scotia’s holdings in Canadian Imperial Bank of Commerce were worth $1,201,762,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its stake in Canadian Imperial Bank of Commerce by 1.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 9,716 shares of the bank’s stock valued at $880,000 after acquiring an additional 114 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in shares of Canadian Imperial Bank of Commerce by 3.1% during the fourth quarter. Sivia Capital Partners LLC now owns 3,832 shares of the bank’s stock valued at $347,000 after purchasing an additional 116 shares during the period. Parallel Advisors LLC raised its stake in shares of Canadian Imperial Bank of Commerce by 3.5% during the third quarter. Parallel Advisors LLC now owns 3,404 shares of the bank’s stock valued at $272,000 after purchasing an additional 116 shares in the last quarter. McIlrath & Eck LLC lifted its holdings in Canadian Imperial Bank of Commerce by 7.1% in the fourth quarter. McIlrath & Eck LLC now owns 1,936 shares of the bank’s stock worth $175,000 after purchasing an additional 128 shares during the period. Finally, Bridgewater Advisors Inc. grew its position in Canadian Imperial Bank of Commerce by 4.2% in the 4th quarter. Bridgewater Advisors Inc. now owns 3,402 shares of the bank’s stock valued at $311,000 after buying an additional 138 shares in the last quarter. 49.88% of the stock is currently owned by institutional investors and hedge funds.

Canadian Imperial Bank of Commerce Trading Down 1.1%

Canadian Imperial Bank of Commerce stock opened at $116.49 on Friday. Canadian Imperial Bank of Commerce has a 52 week low of $71.00 and a 52 week high of $122.50. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market capitalization of $106.33 billion, a price-to-earnings ratio of 16.00, a P/E/G ratio of 1.27 and a beta of 1.02. The company has a 50 day moving average price of $113.91 and a 200 day moving average price of $104.38.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, May 28th. The bank reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.08. The company had revenue of $5.89 billion for the quarter, compared to analysts’ expectations of $5.86 billion. Canadian Imperial Bank of Commerce had a return on equity of 16.31% and a net margin of 15.84%.The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.05 EPS. Research analysts forecast that Canadian Imperial Bank of Commerce will post 7.37 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Monday, June 29th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 3.7%. The ex-dividend date is Monday, June 29th. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 42.58%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CM. Scotiabank restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, June 16th. Royal Bank Of Canada boosted their target price on Canadian Imperial Bank of Commerce from $147.00 to $167.00 and gave the stock an “outperform” rating in a report on Monday, June 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of Canadian Imperial Bank of Commerce in a research note on Tuesday, May 12th. Zacks Research downgraded Canadian Imperial Bank of Commerce from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Barclays reaffirmed an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a research note on Monday, June 1st. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Canadian Imperial Bank of Commerce presently has an average rating of “Moderate Buy” and a consensus price target of $167.00.

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.