Lincluden Management Ltd. Has $30.65 Million Stock Position in Canadian Imperial Bank of Commerce $CM

Lincluden Management Ltd. lessened its stake in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 10.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 385,862 shares of the bank’s stock after selling 47,282 shares during the quarter. Canadian Imperial Bank of Commerce makes up 3.5% of Lincluden Management Ltd.’s holdings, making the stock its 12th biggest holding. Lincluden Management Ltd.’s holdings in Canadian Imperial Bank of Commerce were worth $30,651,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Canerector Inc. boosted its holdings in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the 3rd quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after acquiring an additional 22,042,000 shares in the last quarter. Norges Bank bought a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth $730,245,000. The Manufacturers Life Insurance Company increased its holdings in Canadian Imperial Bank of Commerce by 130.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after purchasing an additional 4,160,060 shares in the last quarter. Public Sector Pension Investment Board raised its position in Canadian Imperial Bank of Commerce by 51.8% in 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 purchasing an additional 2,425,000 shares during the last quarter. Finally, Vanguard Group Inc. raised its position 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 purchasing an additional 1,382,123 shares during the last quarter. 49.88% of the stock is currently owned by institutional investors.

Canadian Imperial Bank of Commerce Stock Up 2.4%

Shares of CM opened at $97.54 on Tuesday. The company has a market capitalization of $90.17 billion, a PE ratio of 14.22, a PEG ratio of 0.99 and a beta of 1.00. Canadian Imperial Bank of Commerce has a 12 month low of $53.62 and a 12 month high of $105.00. The stock’s 50-day moving average price is $95.75 and its two-hundred day moving average price is $88.45. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last issued its quarterly earnings results on Thursday, February 26th. The bank reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a return on equity of 15.69% and a net margin of 15.15%.The company had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $5.53 billion. During the same quarter in the prior year, the firm posted $2.20 earnings per share. The business’s quarterly revenue was up 15.3% on a year-over-year basis. On average, analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 28th. Investors of record on Friday, March 27th will be issued a $1.07 dividend. The ex-dividend date is Friday, March 27th. This represents a $4.28 annualized dividend and a yield of 4.4%. Canadian Imperial Bank of Commerce’s dividend payout ratio is presently 44.61%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Raymond James Financial initiated coverage on Canadian Imperial Bank of Commerce in a research note on Tuesday, November 25th. They set a “market perform” rating on the stock. Weiss Ratings upgraded shares of Canadian Imperial Bank of Commerce from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, March 10th. Barclays upgraded shares of Canadian Imperial Bank of Commerce from an “underweight” rating to an “overweight” rating in a research report on Thursday, February 19th. Finally, Zacks Research raised shares of Canadian Imperial Bank of Commerce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 4th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

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.