Fisher Asset Management LLC Acquires 435,799 Shares of Canadian Imperial Bank of Commerce $CM

Fisher Asset Management LLC raised its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 34.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,686,816 shares of the bank’s stock after purchasing an additional 435,799 shares during the period. Fisher Asset Management LLC’s holdings in Canadian Imperial Bank of Commerce were worth $134,760,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Canadian Imperial Bank of Commerce by 2.0% in the third quarter. Vanguard Group Inc. now owns 42,220,867 shares of the bank’s stock valued at $3,373,827,000 after purchasing an additional 810,582 shares in the last quarter. TD Asset Management Inc boosted its holdings in Canadian Imperial Bank of Commerce by 1.1% during the 3rd quarter. TD Asset Management Inc now owns 22,752,807 shares of the bank’s stock worth $1,818,556,000 after acquiring an additional 249,722 shares during the last quarter. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth $730,245,000. CIBC Asset Management Inc grew its stake in shares of Canadian Imperial Bank of Commerce by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 9,910,976 shares of the bank’s stock worth $791,049,000 after acquiring an additional 384,414 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Canadian Imperial Bank of Commerce by 19.7% in the second quarter. Geode Capital Management LLC now owns 7,547,548 shares of the bank’s stock valued at $542,697,000 after purchasing an additional 1,244,271 shares during the last quarter. 49.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CM has been the subject of a number of recent analyst reports. Raymond James Financial assumed coverage on shares of Canadian Imperial Bank of Commerce in a research report on Tuesday, November 25th. They issued a “market perform” rating for the company. Zacks Research lowered 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 report on Monday, November 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a research report on Wednesday, January 21st. Finally, Barclays upgraded Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research note on Thursday, February 19th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Imperial Bank of Commerce has a consensus rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Stock Performance

Shares of CM opened at $101.40 on Tuesday. Canadian Imperial Bank of Commerce has a 1 year low of $53.62 and a 1 year high of $105.00. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.02 and a quick ratio of 1.02. The stock’s fifty day moving average price is $94.39 and its two-hundred day moving average price is $86.70. The firm has a market cap of $93.96 billion, a PE ratio of 14.78, a PEG ratio of 1.30 and a beta of 1.02.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last announced its quarterly earnings data on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.20% and a net margin of 15.15%.The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $5.53 billion. During the same quarter last year, the firm posted $2.20 EPS. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, equities research analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Friday, March 27th will be given a $1.07 dividend. The ex-dividend date of this dividend is Friday, March 27th. This represents a $4.28 annualized dividend and a dividend yield of 4.2%. Canadian Imperial Bank of Commerce’s payout ratio is 45.34%.

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.