Connor Clark & Lunn Investment Management Ltd. Reduces Position in Canadian Imperial Bank of Commerce $CM

Connor Clark & Lunn Investment Management Ltd. reduced its stake in Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,369,030 shares of the bank’s stock after selling 36,823 shares during the period. Canadian Imperial Bank of Commerce makes up 2.3% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 5th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.01% of Canadian Imperial Bank of Commerce worth $665,460,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of the stock. TruNorth Capital Management LLC boosted its stake in Canadian Imperial Bank of Commerce by 156.0% in the 1st quarter. TruNorth Capital Management LLC now owns 512 shares of the bank’s stock worth $29,000 after purchasing an additional 312 shares in the last quarter. Truvestments Capital LLC purchased a new position in Canadian Imperial Bank of Commerce in the first quarter worth about $32,000. Ameritas Advisory Services LLC bought a new position in shares of Canadian Imperial Bank of Commerce in the second quarter worth approximately $34,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Canadian Imperial Bank of Commerce during the second quarter valued at approximately $35,000. Finally, Penserra Capital Management LLC grew its holdings in shares of Canadian Imperial Bank of Commerce by 1,177.8% during the second quarter. Penserra Capital Management LLC now owns 1,035 shares of the bank’s stock valued at $72,000 after buying an additional 954 shares during the last quarter. Hedge funds and other institutional investors own 49.88% of the company’s stock.

Canadian Imperial Bank of Commerce Price Performance

Shares of CM opened at $84.72 on Friday. The firm has a market cap of $78.68 billion, a PE ratio of 14.31, a P/E/G ratio of 1.76 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a fifty day simple moving average of $80.80 and a two-hundred day simple moving average of $73.55. Canadian Imperial Bank of Commerce has a 1-year low of $53.62 and a 1-year high of $84.75.

Canadian Imperial Bank of Commerce (NYSE:CM) (TSE:CM) last released its quarterly earnings results on Thursday, August 28th. The bank reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.12 billion. Canadian Imperial Bank of Commerce had a return on equity of 14.67% and a net margin of 12.94%.The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the business posted $1.93 EPS. On average, equities analysts anticipate that Canadian Imperial Bank of Commerce will post 5.5 EPS for the current year.

Canadian Imperial Bank of Commerce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 28th. Stockholders of record on Monday, September 29th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, September 29th. This is an increase from Canadian Imperial Bank of Commerce’s previous quarterly dividend of $0.70. Canadian Imperial Bank of Commerce’s payout ratio is currently 47.64%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CM. Wall Street Zen upgraded shares of Canadian Imperial Bank of Commerce from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Royal Bank Of Canada boosted their price target on Canadian Imperial Bank of Commerce from $112.00 to $113.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Canadian Imperial Bank of Commerce in a report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $107.50.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.