Canadian Imperial Bank of Commerce $CM Shares Sold by Cidel Asset Management Inc.

Cidel Asset Management Inc. lowered its position in shares of Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 41.0% in the third quarter, Holdings Channel reports. The firm owned 224,764 shares of the bank’s stock after selling 155,972 shares during the period. Canadian Imperial Bank of Commerce accounts for 1.2% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 23rd biggest holding. Cidel Asset Management Inc.’s holdings in Canadian Imperial Bank of Commerce were worth $24,812,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Bank of Nova Scotia boosted its position in shares of Canadian Imperial Bank of Commerce by 0.5% during the first quarter. Bank of Nova Scotia now owns 12,683,488 shares of the bank’s stock worth $1,201,762,000 after purchasing an additional 57,210 shares in the last quarter. Cibc World Market Inc. acquired a new position in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $1,342,850,000. TD Waterhouse Canada Inc. increased its position in shares of Canadian Imperial Bank of Commerce by 4.1% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 8,475,369 shares of the bank’s stock valued at $985,227,000 after buying an additional 337,620 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Canadian Imperial Bank of Commerce in the 2nd quarter valued at $927,219,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Canadian Imperial Bank of Commerce during the 2nd quarter worth $916,774,000. Institutional investors own 49.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CM shares. TD Securities reiterated a “buy” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, August 12th. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 28th. Keefe, Bruyette & Woods assumed coverage on Canadian Imperial Bank of Commerce in a research report on Friday, August 21st. They set a “market perform” rating on the stock. Barclays reiterated an “overweight” rating on shares of Canadian Imperial Bank of Commerce in a report on Friday, August 21st. Finally, Desjardins cut Canadian Imperial Bank of Commerce from a “buy” rating to a “hold” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Canadian Imperial Bank of Commerce has an average rating of “Moderate Buy” and a consensus price target of $160.00.

Canadian Imperial Bank of Commerce Price Performance

Shares of NYSE CM opened at $116.63 on Friday. The company has a fifty day moving average price of $113.71 and a 200 day moving average price of $108.59. The firm has a market cap of $105.89 billion, a PE ratio of 15.57, a PEG ratio of 1.15 and a beta of 1.02. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11. Canadian Imperial Bank of Commerce has a 1-year low of $81.87 and a 1-year high of $124.86.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 27th. The bank reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.16. The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.74 billion. Canadian Imperial Bank of Commerce had a return on equity of 17.02% and a net margin of 16.09%. Research analysts predict that Canadian Imperial Bank of Commerce will post 7.60 earnings per share for the current fiscal year.

Canadian Imperial Bank of Commerce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Monday, September 28th were issued a dividend of C$1.07 per share. The ex-dividend date was Monday, September 28th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 3.7%. Canadian Imperial Bank of Commerce’s dividend payout ratio (DPR) is presently 41.26%.

Canadian Imperial Bank of Commerce Profile

Canadian Imperial Bank of Commerce (CIBC) is a Canadian financial institution headquartered in Toronto, Ontario. The bank provides a broad range of financial products and services to individuals, businesses, institutions and governments through its Canadian and U.S. operations.

CIBC’s main businesses include personal and business banking, commercial banking, wealth management, and capital markets. Its offerings include deposit accounts, mortgages, consumer and business lending, credit cards, investment and advisory services, and financial planning.