Canadian Imperial Bank of Commerce $CM Position Boosted by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd raised its holdings in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 16.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,528 shares of the bank’s stock after acquiring an additional 10,945 shares during the period. Swiss Life Asset Management Ltd’s holdings in Canadian Imperial Bank of Commerce were worth $6,204,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CM. Canerector Inc. raised its stake in shares of Canadian Imperial Bank of Commerce by 11,021.0% during the third quarter. Canerector Inc. now owns 22,242,000 shares of the bank’s stock valued at $1,776,913,000 after purchasing an additional 22,042,000 shares in the last quarter. Norges Bank bought a new stake in shares of Canadian Imperial Bank of Commerce during the 2nd quarter worth about $730,245,000. The Manufacturers Life Insurance Company raised its position in shares of Canadian Imperial Bank of Commerce by 130.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,354,644 shares of the bank’s stock worth $519,312,000 after buying an additional 4,160,060 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in shares of Canadian Imperial Bank of Commerce by 51.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 7,106,008 shares of the bank’s stock worth $503,383,000 after acquiring an additional 2,425,000 shares during the period. Finally, Fisher Asset Management LLC acquired a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter worth approximately $88,610,000. Institutional investors own 49.88% of the company’s stock.

Analyst Upgrades and Downgrades

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

Canadian Imperial Bank of Commerce Stock Performance

NYSE:CM opened at $94.24 on Friday. The company has a 50-day moving average of $96.13 and a 200-day moving average of $88.90. The firm has a market cap of $87.12 billion, a price-to-earnings ratio of 13.74, a price-to-earnings-growth ratio of 0.98 and a beta of 1.00. 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 has a twelve month low of $53.62 and a twelve month high of $105.00.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its earnings results on Thursday, February 26th. The bank reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.25. Canadian Imperial Bank of Commerce had a net margin of 15.15% and a return on equity of 15.69%. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same period in the previous year, the firm earned $2.20 EPS. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. Analysts forecast that Canadian Imperial Bank of Commerce will post 5.5 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Friday, March 27th will be issued 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 4.5%. Canadian Imperial Bank of Commerce’s dividend payout ratio is currently 44.61%.

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.